News of Apollo Global Management Inc (APO.US) making a takeover offer resulted in a significant increase in the stock price of Papa John's International, Inc. (PZZA.US).

According to reports, there is news that Apollo Global Management Inc. (Apollo Global, APO.US) is planning to acquire Papa John's International, Inc. (Papa John's, PZZA.US) at a price of $64 per share. In response to this news, the stock price of Papa John's International, Inc. surged 19% during trading yesterday, and as of the time of writing, the stock has risen 3.02% in after-hours trading. This news is not the first time it has been reported. In June of this year, there were reports that Apollo, along with a Qatari investment fund, had made a bid to acquire this pizza chain operator. At that time, sources revealed to the media that the valuation of Papa John's International, Inc. in this deal could be around $2 billion. In fact, news of Papa John's International, Inc. being a potential acquisition target had already surfaced earlier this year. Market speculation at the time pointed to Irth Capital Management, a private equity firm backed by members of the Qatari royal family, considering a privatization acquisition of Papa John's International, Inc.