Papa John's stocks surged 10% Wednesday. This after it was reported that former CEO, John Schnatter had been reaching out to private equity firms. He is reportedly eyeing buying back the company he founded in 1984.

Schnatter, who still owns nearly a third of the pizza chain, resigned from its board in July after admitting to using a racial slur on a company conference call in May.

Business Insider says since Schnatter's departure, Papa John's enacted a "poison pill" provision.