Papa John’s board of directors tapped a special committee to explore a potential sale of the company last August. : Papa John’s board voted to adopt a ‘poison pill’ aimed at preventing founder John Schnatter from getting a controlling stake in the company. FBN’s Cheryl Casone with more. Papa John’s shares plunged more than 12 percent on Tuesday after a report that a hedge fund considered a top candidate to buy a stake in the struggling pizza chain is no longer interested in submitting a bid.