Irenic Capital picks stake in Papa John’s

Core Insights - Irenic Capital Management has acquired a stake in Papa John's during Q3 2025, although the size of the holding remains undisclosed [1] - The involvement of activist hedge funds like Irenic often indicates potential strategic changes, but specific intentions from Irenic regarding Papa John's are unclear [1] - Several suitors, including Apollo and Irth Capital Management, have previously shown interest in acquiring Papa John's, with offers made in June and October 2025 [2][3] Company Developments - Papa John's CEO Todd Penegor mentioned that the board would review any proposals while continuing with the company's existing strategy, especially after the withdrawal of Apollo's buyout offer [3] - Irenic Capital Management was founded by Adam Katz and Andy Dodge, both of whom have backgrounds in other investment firms [3][4] - The firm has a history of engaging in take-privates and activist investments in various companies, indicating a potential for similar actions with Papa John's [4]