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Papa John’s Board Plans to Discuss 'Poison Pill,' WSJ Says

Matthew G Miller
Papa John’s Board Plans to Discuss 'Poison Pill,' WSJ Says

Papa John International Inc.’s board is planning to discuss and possibly vote Sunday on whether to adopt a “poison pill” aimed at preventing founder John Schnatter from gaining a controlling interest, the Wall Street Journal reported, citing people familiar with the matter. A company spokesman wasn’t immediately available to comment. A special committee of independent directors ordered the termination of a so-called founder’s agreement that designated Schnatter as the brand’s face and voice and is requesting he cease media appearances on behalf of the firm, the company said in a statement after a Sunday night board meeting.