Papa John’s International is considering a $1.5 billion buyout proposal from Irth Capital Management, which offered $47 per share, a 44% premium over the stock’s recent closing price.

The stock jumped 15% to about $38.86 following news of the bid.

Irth Capital, founded in 2024 and already holding roughly 10% of Papa John’s, is partnering with Brookfield Asset Management on the offer, which would be one of the firm’s first major deals.

The chain has been struggling with weak demand, declining North American same-store sales, and tough competition, leading to plans to close about 300 underperforming locations by 2027, Fox Business has reported.

While the bid is significant, Papa John’s remains open to other potential buyers, and there is no guarantee an agreement will be reached.