Papa John's put itself up for sale earlier this year after the company's board forced out its founder and chairman, John Schnatter, for using a derogatory racial term during a marketing call.
Schnatter remains on the board and still owns about 30% of the company.
Trian has asked the company for information as it considers a possible bid, The Wall Street Journal reported, citing unnamed sources. The approach is one of several the pizza chain has received, according to the report.
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