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Papa John's rejects investment offer by founder John Schnatter

FILE PHOTO: John Schnatter (R), founder and chief executive of Papa John's Pizza, arrives at the 2011 American Music Awards in Los Angeles November 20, 2011. REUTERS/Danny Moloshok/File Photo

(Reuters) - Papa John’s International Inc’s founder John Schnatter said on Monday the pizza chain rejected an investment offer of up to $250 million from him.

Schnatter said he was withdrawing the offer after the company accepted a similar one from activist hedge fund Starboard Value LP. (bit.ly/2t0MiC2)

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli

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