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Investing.com -- Papa John’s (NASDAQ:PZZA) stock rose 6% after a report that Apollo Global Management (NYSE:APO) and a Qatari investment fund have made a bid to take the pizza chain private.

The consortium’s offer would value Papa John’s at around $2 billion, according to a Semafor report citing people familiar with the matter. The bid, reportedly in the low $60s per share, represents a significant premium to the company’s current stock price of around $48.

The unusual partnership pairs Apollo, one of Wall Street’s largest investment firms, with Irth Capital, a smaller fund backed by Sheikh Mohamed al Thani of the Qatari royal family. Irth Capital, which managed just $190 million as of December 31, brings a 5% existing stake in Papa John’s to the table.

Irth Capital has experience with consumer brand turnarounds, with its cofounders previously acquiring mattress maker Casper in 2021 and fried-chicken chain Bojangles in 2017. However, sources indicated that Irth still needs to finalize its financing arrangements, and Apollo might potentially proceed with the acquisition independently.

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