September 26, 2018 / 4:33 PM / a year ago

Papa John's asks potential acquirers to submit offers -sources

Sept 26 (Reuters) - Papa John’s International Inc, the world’s third-largest pizza delivery company, has reached out to potential acquirers to ask them to submit offers, people familiar with the matter said on Wednesday.

The sale process comes as Papa John’s is seeking to fend off efforts by its founder, John Schnatter, who owns about 30 percent of Papa John’s, to regain control of the company. He resigned as chairman in July following reports that he had used a racial slur on a media training conference call.

Papa John’s sent out information about an auction to sell itself to other companies and private equity firms this week, and expects to receive first-round bids by the end of October, the sources said. There is no certainty of any deal, the sources added, asking not to be identified because the matter is confidential.

Papa John’s declined to comment. Reuters first reported last month that the company had hired Bank of America Corp and Lazard Ltd to prepare for a sale. (Reporting by Harry Brumpton and Greg Roumeliotis in New York Editing by Bill Rigby)

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