Getty

Papa John's International Inc. (PZZA) shares fell 8.9% to close at $38.51 a share on Friday after a report by Reuters said the company was no longer considering an outright sale as acquisition offers failed to impress company brass. 

The company instead is looking to sell a stake in itself to interested parties. 

Private-equity firms have been linked to the company's sale efforts for months following the ouster of company founder and former CEO John Schnatter. He still owns about 30% of the company, though Schnatter resigned as chairman last July after it was revealed that he used a racial slur during a conference call. 

Sources told Reuters there was no guarantee that Papa John's will agree to any deal. Reuters previously named Bain Capital, CVC Capital Partners, KKR & Co. and Roark Capital as potential suitors.

Last week, Papa John's jumped more than 7% in one session following a report in DealReporter saying that Restaurant Brands International Inc. (QSR) was mulling the purchase of the pizza chain. 

It was reported that Restaurant Brands, which is the parent company of Burger King, Popeye's Louisiana Kitchen and Tim Hortons, could team up with Schnatter and investment capital firm 3G Capital to make the purchase. 

Score a Touchdown with Jim Cramer's Big Game Special

Get access to the best stock picks in Jim Cramer's investment portfolio by executing a two-minute drill on our Big Game Special on Action Alerts PLUS, Jim's VIP club for investors. Sign up now through Feb. 4 and receive 58% off the normal subscription price. Now that's a real touchdown!