So, you know how sometimes you order a pizza and it shows up cold? Well, Papa John's International (PZZA) has been serving up a cold slice to investors for a while now, with its stock far from its 2021 highs. But on Wednesday, someone showed up with a very hot offer to take the whole place off the market.

Shares of the pizza chain jumped after reports surfaced that a Qatari-backed investment fund has made a bid to take the struggling company private. Here's the deal.

The Takeout Offer

According to a report, Irth Capital Management — backed by Qatari investors and supported by Brookfield Asset Management — has submitted an offer to acquire Papa John's. The bid values the company at $47 per share, or roughly $1.5 billion.

That price represents a premium of about 50% to the stock's trading levels Wednesday morning. Papa John's had a market cap of around $1 billion as of Tuesday's close. For a buyer, the math is pretty simple: the stock has been battered in recent years, falling far from its 2021 peak above $140. Taking the company private at this valuation could be an appealing move for someone looking to attempt a turnaround away from the quarterly scrutiny of public markets.

Who's Making the Offer?

Irth is a global investment firm founded in 2024 and backed by a member of the Qatari royal family. The firm is led by Sheikh Mohamed bin Abdulla Al-Thani, formerly of the Qatar Investment Authority, and Matthew Bradshaw, founder of Durational Capital Management. The team also includes Mack Abbot, previously with activist hedge fund Starboard Value — the same firm that once waged a campaign at Papa John's.

Irth already owns a meaningful stake in Papa John's and recently increased its effective ownership to about 10%, according to the report.

And this isn't their first rodeo. The firm reportedly tried to buy Papa John's last year alongside Apollo Global Management before the talks ultimately collapsed.

Why Papa John's Might Be on the Menu

The pizza category has become a brutal battlefield. Domino's has been pulling ahead while Papa John's and Pizza Hut lose market share. Facing this pressure, Papa John's recently announced plans to close hundreds of U.S. stores, trim its menu, and cut corporate jobs as it works to stabilize operations. The company expects North American same-store sales to decline this year.

In other words, it's the classic setup for a potential turnaround play: a recognizable brand that's fallen on hard times, with a new owner hoping to fix the recipe away from the public eye.

The Market's Reaction

Investors liked the news. Papa John's shares were up 19.02% at $38.73 at the time of publication on Wednesday, according to market data. That's a big move, but it's still well below the reported $47 offer price, which suggests the market is pricing in some uncertainty about whether this deal will actually get done this time.

So, will Papa John's get taken private? It's an open question. But for now, shareholders are enjoying a slice of gains they haven't seen in a long time.