Jim Cramer on Starboard's Stake in Bristol-Myers Squibb and Papa Johns
Papa John's got a brand-new chairman.
Starboard Value LP will make a $200 million investment in the troubled pizza chain and the investment firm's CEO will become chairman, the companies confirmed early on Monday, reported TheStreet contributor M.
Starboard, known in the restaurant industry for its 2014 board coup at Olive Garden parent company Darden Restaurants Inc., secured the board chairmanship for its chief executive, Jeffrey Smith, who founded the firm in 2002, Papa John's said in a statement.
But Papa John's isn't the only company that Starboard is interested in.
The hedge fund has also reportedly invested in Bristol-Myers Squibb .
TheStreet's Tony Owusu reported that a phone message to Starboard and phone call and email to Bristol-Myers Squibb to verify and seek comment on the report weren't returned to TheStreet over the weekend.
Bloomberg also reported no official comment from either company.
The report follows last month's news that Bristol-Myers Squibb would buy Celgene Corp.
In a cash-and-stock deal with worth about $74 billion.
Jim Cramer responded that he still prefers Dominos and Pizza Hut over Papa Johns.