Shares of Papa John’s International (NASDAQ:PZZA) fell 6% on Tuesday after a report alleging that the pizza chain was close to being acquired in a take-private deal abruptly disappeared from ABC Money’s website.
The company’s stock had soared nearly 19% on Monday after ABC Money UK published an article claiming that TriArtisan Capital Advisors was leading a consortium to purchase Papa John’s in an all-cash deal valued at about $2.7 billion. The report cited “individuals familiar with the negotiations” and said the investor group had offered $65 per share.
However, by Tuesday morning, the article had been removed from the publication’s website, fueling skepticism among investors and triggering a selloff in the stock.
A person familiar with Papa John’s, speaking to Bloomberg News on condition of anonymity, said there were no ongoing discussions with TriArtisan — directly contradicting the initial report that had sparked Monday’s rally.