Trian Green Management is considering a takeover bid for Papa John’s, the Wall Street History reported. The activist hedge fund also has a 13 percent tether in Wendy’s.
Shares of Papa John’s rose as much as 16 percent in after-hours barter following the news.
Papa John’s has been exploring a sale after the comrades took a hit due to founder John Schnatter’s controversial comments on a conference whoop, which came to light in July.
Even before Schnatter’s squabble, Trian co-founder Nelson Peltz brought him to a meeting with Wendy’s executives in June to consult on a possible deal.
Although Schnatter’s image has been scrubbed from Papa John’s marketing materials and he interfered down as chairman, he remains on the board and holds a nearly 30 percent risk in the company.
Representatives for Papa John’s and John Schnatter both failed to comment.
WATCH: Papa John’s founder mentions ouster ‘presentiment’