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The Wall Street Journal: Papa John’s board OKs ‘poison pill’ to prevent founder from gaining control

Papa John’s International Inc.’s board members voted to adopt a “poison pill” on Sunday to prevent its controversial founder from gaining a controlling interest in the pizza chain, according to people familiar with the matter.

The board, which is expected to announce the poison pill Monday morning, has been trying to sever ties with John Schnatter, who founded Papa John’s 34 years ago, following revelations that he used a racial slur during a recent conference call.

Schnatter owns 29% of Papa John’s PZZA, +1.16% shares and has indicated that he won’t cede control of the company without a fight.

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