Reuters reports Papa John’s seeks investment after abandoning outright sale

Shares of Papa John’s International Inc dropped as much as 6 percent after Reuters reported that the world’s third largest pizza delivery company is pursuing the sale of a stake in itself. It decided to do this because acquisition offers it received from private equity firms did not meet its valuation expectations. Any such deal would come amid a battle for control of Papa John’s with the chain’s founder John Schnatter, who owns about 30 percent of the company.