According to reports, Apollo Global Management (APO.US) plans to acquire Papa John's (PZZA.US) at $64 per share. Driven by this news, Papa John's stock surged by as much as 19% during intraday trading yesterday. As of the time of writing, the stock rose 3.02% in after-hours trading.

This is not the first time such news has emerged. In June of this year, it was reported that Apollo and a Qatari investment fund had submitted an offer to acquire the pizza chain operator. At the time, sources revealed to the media that the deal could value Papa John's at around $2 billion.

In fact, rumors about Papa John's potentially becoming a acquisition target first appeared earlier this year. Market speculation at the time indicated that Irth Capital Management, an investment fund backed by members of the Qatari royal family, was considering acquiring Papa John's through a privatization deal.