Papa John's picks Starboard $200m investment over founder's offer.

Papa John’s International entered into a securities purchase agreement with Starboard Value pursuant to which Starboard is making a $200m strategic investment in the Company with the option to make an additional $50m investment through March 29, 2019, as described below. Papa John’s International’s founder John Schnatter said on Monday the pizza chain rejected an investment offer of up to $250m from him. “Our agreement with Starboard concludes a comprehensive strategic review conducted over the past five months to better position Papa John’s for growth, improve the Company’s financial performance and serve the best interests of our stakeholders. This transaction provides the Company with financial resources and strong and experienced directors on the Board in order to position the Company for success over the long term. We believe we have found terrific partners to advance Papa John’s strategy, especially given their record of reinvigorating and growing premier restaurant and consumer brand companies,” said Olivia Kirtley, a member of the Special Committee and most recently Chairman of the Papa John’s Board.