Papa John’s Could Go Private. Here’s Who Wants to Buy It for $1.5 Billion.

Someone wants a slice of Papa John’s, and they’re willing to pay a premium for it. Irth Capital Management, a Qatari-backed investment fund, submitted a bid to take the struggling pizza chain private, according to The Wall Street Journal.

The offer values Papa John’s at around $1.5 billion, or $47 per share—a roughly 50% premium to where shares traded before the bid. Papa John’s stock closed up 19% Wednesday on news of the offer.

The timing is notable. Papa John’s announced last month it would close hundreds of domestic stores, slash menu items, and cut corporate jobs as it tries to turn around years of declining sales. The pizza sector has struggled with increasing competition, and Domino’s has dominated the market, taking share from Papa John’s and Pizza Hut. There’s no guarantee Papa John’s will accept the bid, and another suitor could emerge.