The founder is demanding the board removes a provision he says limits his rights as a shareholder.
Every time Papa John’s makes progress in separating itself from its founder, John Schnatter comes roaring back. As the company explores a sale, Schnatter has called on Papa John’s board of directors to remove a provision included in the ‘poison pill’ it adopted in July to keep Schnatter from acquiring more equity, according to a CNBC article.
Schnatter, who remains Papa John’s majority shareholder, is demanding the board amend a so-called ‘wolf pack’ provision, which CNBC explained exists to prevent a dominant investor from teaming up with other investors to regain control of the company.
Schnatter claims third parties have expressed interest in speaking with him but the provision keeps him from discussing the company, his investment or investors’ plans for the company, effectively restricting his rights as a shareholder.
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