After Street Insider said it was told by a source that Apollo Global (APO) has offered a $64 per share bid for Papa John’s (PZZA), Stephens analyst Jim Salera said this latest report follows months of deal speculation, noting that Semafor reported in June that Irth Capital was preparing a take private bid alongside Apollo. The firm, which also notes that broader strategic interest in Papa John’s dates back to Starboard’s 2019 investment and Trian’s engagement in 2018, has an Overweight rating and $50 price target on the shares.
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