Apollo Global (APO) has withdrawn its offer to take pizza chain Papa John’s (PZZA) private at $64 a share, according to two people familiar with the deal, as Wall Street waits to see what is expected to be a tough earnings report on Thursday, Reuters’ Abigail Summerville and Svea Herbst-Bayliss report. The private equity firm pulled its bid about a week ago as consumers tighten spending and the quick-service restaurant industry starts to stumble, these people said. Apollo and Irth Capital Management submitted a joint offer for the company at just above $60 per share earlier this year before Apollo submitted a solo bid in early October, Reuters previously reported. Shares of Papa John’s have dropped almost 15% to $41.24 in afternoon trading.
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