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International Business Times
International Business Times
Business

Apollo Scraps Papa John's Takeover Plan Amid Consumer Spending Slowdown

Papa John Apollo
The Papa John's Pizza logo is shown on May 09, 2024 in Austin, Texas. Papa John's Pizza international Inc. shares fell short of analysts' expectations as the company reported a decline in its fiscal first quarter revenue.

Apollo Global Management has pulled its offer to take pizza chain Papa John's private at $64 a share, sources familiar with the deal told sources, as a slowdown in consumer spending weighs on the restaurant industry.

The decision comes ahead of Papa John's scheduled third-quarter earnings report on Thursday, Reuters reported.

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