** Shares of pizza chain operator Papa John's International PZZA.O up ~16% at $50.27 in the afternoon trade

** Qatari-backed investment firm Irth Capital Management is eyeing to take PZZA private in a bid for $1.4 billion, Semafor report says, citing people familiar with the matter

** Report adds, Irth disclosed 4.99% position in PZZA last year

** Papa John's and Irth Capital Management did not immediately respond to Reuters' requests for comment

** PZZA has been grappling with persistent weakness in demand, despite taking efforts to increase advertising investments

** PZZA is scheduled to report its fourth-quarter results on February 27

** PZZA fell about 46% in 2024

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))