Papa John’s Shares Collapse as Wall Street Learns Trian No Longer is Looking to Buy Company

According to a Wall Street Journal report, Trian Fund Management has opted to not acquire Papa John’s. Trian also owns a 13 percent stake in Wendy’s.

Citing sources familiar with the situation, the WSJ also said that other buyers are only interested in buying a stake of the company. Shares of the pizza maker subsequently fell on the news.

Sources familiar with developments previously told CNBC that Papa John’s has sought the help of Bank of America and Lazard to explore a sale that has attracted initial bids from both corporate and private equity buyers.

Papa John’s has had a rough year with the company’s founder John Schnatter stepping down as chairman in July after it was revealed he had used racist remarks on a conference call.

It was also in October that the company missed Wall Street earnings forecasts and said it lost $13 million during the third quarter, compared with a profit of $21.8 million during the same period last year.

Disclaimer: We have no position in Papa John’s Int’l, Inc. (NASDAQ: PZZA) and have not been compensated for this article.