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Hedge fund beats founder for a slice of Papa John's

Feb 05, 2019 - City A.M.

PAPA John's International unveiled an investment of up to $250m (£192m) from hedge fund Starboard Value yesterday, snubbing a rival offer from its founder John Schnatter, who is seeking to regain control of the world's third-largest pizza delivery company.

The deal marks the next chapter in the battle between Papa John's and Schnatter, who resigned as chairman last July, following reports he had used a racial slur on a media training conference call.

He later said he regretted his d...