Nov 5, 2025 - Business

Apollo pulls plug on Papa Johns bid

Dan Primack

Illustration of a pizza box, with the chef having his back turned, and waving his hand. — Illustration: Brendan Lynch/Axios

Apollo Global Management has withdrawn its $2.1 billion takeover offer for pizza chain Papa Johns, as first reported by Reuters and confirmed by Axios.

Why it matters: We're seeing the emergence of a restaurant recession, which is a blaring alarm for the rest of America's economy. Even in pizza, which historically has been the take-out meal of last resort.

Zoom in: Apollo bailed on Papa Johns before Yum Brands put Pizza Hut on the block, so this wasn't a pie swap.

Papa John's shares fell nearly 10% on the Tuesday news, to $43.47 per share. Apollo's approach was $64 per share. It reports earnings on Thursday.

Go deeper, via Reuters: "While some private equity investors are still interested in buying [Papa Johns], people familiar with the bidding process said, they do not think it is worth $64 a share given softening consumer demand for fast-casual food."

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Apollo pulls plug on Papa Johns bid

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