Apollo withdraws $2.1 billion bid to take pizza chain Papa John’s private 

Apollo Global has withdrawn its offer to take pizza chain Papa John’s private at $64 a share, according to two people familiar with the deal. Shares in Papa John’s were down as much as 20.7% in afternoon trading on Tuesday after Reuters reported Apollo’s bid withdrawal, giving the pizza chain a market cap of around $1.27 billion. 
Why it matters

The private equity firm pulled its bid, valued at around $2.1 billion, about a week ago as consumers tighten spending and the quick-service restaurant industry starts to stumble, these people said, asking not to be identified because the negotiations are private.