Papa John's and Wendy's Discussed a Merger and Stocks are Climbing
Founder John Schnatter was reportedly at the forefront of discussions before his departure
Papa John's and Wendy's stocks are on the rise after The Wall Street Journal reported the two franchise giants had entered into preliminary discussions about a merger before the pizza chain's founder, John Schnatter, stepped down last week. Sources said Schnatter initiated talks, which cooled after he resigned as chairman due to his use of a racial slur on a conference call.
It is unclear whether talks will resume as Papa John's continues to distance itself from Schnatter, who currently remains a board member with a 29 percent ownership stake in the company. Both sides declined to comment to CNBC.
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