Papa John's International is reportedly reviewing a proposal to take the company private in a potential $1.5 billion acquisition, according to reports citing people familiar with the matter.

Investment firm Irth Capital Management, a Qatari-backed fund supported by Brookfield Asset Management, submitted the offer on Wednesday. The proposal reportedly values the pizza chain at about $47 per share, representing roughly a 44 percent premium over the company’s most recent closing price.

News of the potential deal sent Papa John’s shares sharply higher. The stock rose about 15 percent following reports of the bid, closing near $38.86.

The offer comes as Papa John’s has been attempting to execute a turnaround strategy after several years of sluggish demand and leadership turnover under multiple chief executives.

Irth Capital, founded in 2024 and backed by a member of the Qatari royal family, is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw. The firm reportedly already holds about a 10 percent stake in Papa John’s.

If completed, the transaction would mark one of Irth Capital’s first major deals. The firm previously worked with Apollo Global Management on a joint buyout proposal for Papa John’s last year that reportedly exceeded $60 per share but ultimately did not move forward.

The takeover interest comes amid growing investor attention surrounding the pizza chain’s future. Activist investment firm Irenic Capital Management has also reportedly built a stake in the company.

Despite the significant offer, no agreement has been reached, and Papa John’s remains open to evaluating other potential buyers.

The company has faced continued pressure from weaker consumer spending and strong competition within the North American pizza market. In its most recent quarterly report, Papa John’s said same-store sales in North America declined by 5.4 percent.

To address declining performance, the company has announced plans to close roughly 300 underperforming restaurants across the region by the end of 2027 as part of a broader effort to improve profitability.