Activist broker Legion Partners has congenital up a pale in Papa John’s International Inc., the pizza alternation that has been affected in a altercation with its architect for the aftermost several months.
Legion owns 5.46% of shares in the aggregation through assorted affiliates, while the California State Teachers’ Retirement System owns about 34,000 shares. The two investors said in a collective balance filing Monday that the company’s allotment amount “does not reflect the Issuer’s built-in value” and that “multiple abeyant paths to decidedly college valuations abide for [Papa John’s] through cardinal partnerships or convalescent operations as a stand-alone company.”
Legion and CalSTRS, as the alimony armamentarium is additionally called, said in the filing that the pizza aggregation could addition profits by acid costs and relying added heavily on franchises.
Louisville, Ky.–based Papa John’s PZZA, -1.62% has struggled in contempo months. In July, architect and longtime arch controlling John Schnatter stepped bottomward as armchair of the company’s board, afterwards it was appear that he acclimated a ancestral accusation and added anarchic accent during a alarm with marketers in May. On Monday, shares of Papa John’s fell 3.9% to $49.27.
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