On July 23, 2018, the board of directors of US-based pizza chain Papa John’s International Inc.’s (Papa John’s) adopted the ‘poison pill’ (also known as stockholder rights plan) to prevent the founder, John H Schnatter (Schnatter), from taking over control of the company. Schnatter, who owned a 29 percent stake in the 34-year-old chain, meanwhile, signaled that he was not going away without a fight. Patricia Glaser, Schnatter’s lawyer, said, “John is not going to go quietly into the night and watch the company he worked so hard to build fall off a cliff. He is going to protect shareholders and the company as much as he can.” ..

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