By Heather Haddon

Papa John's International's chief executive isn't letting reports of the company being a takeover target distract from competing in the challenging pizza business.

The Wall Street Journal Wednesday reported that the company is reviewing a deal proposed by Qatari-backed Irth Capital Management.

Todd Penegor, the pizza chain's CEO, said at an investor conference Thursday that he wouldn't comment on speculation, and that deal rumors have swirled around the brand for some 18 months.

"We are focused on being the best Papa Johns we can be," he said.

Penegor said that fast-food pizza sales are growing slowly as convenience stores and other players sell pies. He also expects Americans to continue to feel stressed about their spending this year.

Papa Johns will advertise affordable prices to compete with other pizza chains, and aims to freshen up its shops to attract more carryout customers. Removing flatbread sandwiches will help store ovens operate more efficiently and the company is developing different sides to replace them, he said.

Shares in the company are down about 1.5% in Thursday trading, following a 19% jump on Wednesday.

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(END) Dow Jones Newswires

March 12, 2026 11:45 ET (15:45 GMT)

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