Papa John’s Announces Repurchase and Conversion of All Convertible Preferred Stock Owned by Starboard Value LP
Papa John's International, Inc. (PZZA)
Last papa john's international, inc. earnings: 2/26 07:00 am
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Source: Business Wire
Following Transaction, Starboard Will Own Approximately 9.5% of Papa John’s Common Stock and Jeff Smith Will Remain Chair of Papa John’s Board LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (NASDAQ: PZZA) today announced that it has entered into an agreement with Starboard Value LP and certain of its affiliates (collectively, “Starboard”) relating to the repurchase and conversion of all of the shares of Papa John’s Series B Convertible Preferred Stock (the “Preferred Shares”) owned by Starboard. The repurchase and conversion is expected to close on May 13, 2021.The Preferred Shares, which were acquired by Starboard in the first quarter of 2019 as part of a $250 million strategic investment in the Company, carried a preferential cumulative dividend payable in cash at a rate of 3.6% per annum, as well as pass-through common dividends, for a total yield of approximately 5.4%. As of the date of the agreement, the Preferred Shares represented approximately 13.2% of Pa
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PZZA
News
- Papa John's International, Inc. (NASDAQ: PZZA) had its price target lowered by analysts at BMO Capital Markets from $80.00 to $75.00. They now have an "outperform" rating on the stock.MarketBeat
- Free education benefits are Papa John's secret sauce to boosting frontline employee retention [Yahoo! Finance]Yahoo! Finance
- Papa John's International, Inc. (NASDAQ: PZZA) had its price target lowered by analysts at Wedbush from $76.00 to $65.00. They now have an "outperform" rating on the stock.MarketBeat
- Papa John's attributable net income slumps 34% in Q1 2024 [Yahoo! Finance]Yahoo! Finance
- Papa John's (PZZA) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates [Yahoo! Finance]Yahoo! Finance
PZZA
Earnings
- 5/9/24 - Beat
PZZA
Sec Filings
- 5/9/24 - Form 10-Q
- 5/9/24 - Form 8-K
- 5/6/24 - Form 8-K
- PZZA's page on the SEC website