Irth conducting due diligence on Papa John’s, Reuters reports

Papa John’s International (PZZA) and Pizza Hut, owned by Yum Brands (YUM), are actively negotiating separate deals that could remove each company from public trading and give their management teams time to rethink their strategies and business models, said Reuters, citing sources familiar with the matters. Qatari-backed Irth Capital has been in talks with Papa John’s and conducting due diligence on a potential acquisition over the last month, notes the report, which adds that “some investors are quietly optimistic” that Irth can reach a deal by the time Papa John’s releases quarterly earnings on May 7. Meanwhile, Pizza Hut owner Yum Brands set another deadline this week for bidders to submit formal offers, three of the reports sources said.