Reports indicate that Apollo Global Management LLC (APO.US) is reportedly proposing to acquire Papa John's (PZZA.US) at $64 per share. Following this news, Papa John's shares surged as much as 19% during trading sessions, and as of the latest update, the stock was up 3.02% in after-hours trading.

This is not the first time such acquisition rumors have emerged. In June of this year, reports suggested that Apollo Global Management LLC, along with a Qatari investment fund, had submitted an acquisition proposal for the pizza chain operator. Sources indicated at that time that the transaction could value Papa John's at approximately $2 billion.

In fact, speculation about Papa John's potentially becoming an acquisition target first surfaced earlier this year. Market speculation then pointed to Irth Capital Management, an investment fund backed by Qatari royal family members, considering a private acquisition of Papa John's.