Shares of Papa John's International Inc. (PZZA) jumped 7.6% to $54.27 on Tuesday following reports private-equity firm Trian was considering bidding for the company.
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.
Make Money on Closed-End Mutual Funds. TheStreet's Robert Powell recently hosted an all-star panel of experts who explained everything you need to know on closed-end mutual funds, and often-overlooked investment class. Click here to register and watch for free.