Global alternative asset management firm Apollo Global has withdrawn its proposal to take Papa John’s private at $64 per share due to weakening consumer spending and strain in the quick-service restaurant sector. The company abandoned the bid in October 2025, after previously offering over $60 per share earlier in the year.

Papa John’s, which operates nearly 6,000 restaurants across 50 countries, is set to report its third-quarter results on November 6. In the second quarter of 2025, the pizza firm reported sales of $529.2m, up 4% from the previous year, but saw a 23% decrease in net income due to higher expenses.

Apollo’s decision to retract the takeover proposal for Papa John’s comes as activist investors show interest in the company. Despite the failed bid, the pizza chain continues to expand its presence globally, facing challenges from rising costs and lower income in the competitive restaurant industry.

Read more at Yahoo Finance: Apollo retracts takeover proposal for Papa John’s