Qatari-backed Irth Capital has launched $1.5 billion bid for Papa John's International at $47 per share, marking the firm's second attempt to acquire the pizza chain. The proposal, supported by Brookfield Asset Management, comes after Irth's previous joint effort with Apollo Global Management collapsed last year. Irth currently holds about a 10% stake in the company.

Papa John's shares surged nearly 20% following the offer, closing at $38.86 as investors weighed potential competing bids. The board is reviewing Irth's proposal, which represents a premium to the current share price. Apollo had previously explored taking the company private at $64 per share before withdrawing its joint proposal with Irth.

Founded in 2024 and led by Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw, Irth represents new capital entering the private equity market for consumer brands. If completed, the acquisition would signal the firm's ambitions to expand globally despite being a relatively new player in the PE space.