Papa John’s picks hedge fund Starboard over founder for investment
By Svea Herbst-Bayliss, Uday Sampath Kumar and Harry Brumpton (Reuters) - Papa John's International Inc unveiled an investment of up to $250 million from hedge fund Starboard Value LP on Monday, snubbing a rival offer from 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 decision, arguing his comments were taken out of context
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