(Bloomberg) -- Domino’s Pizza Enterprises Ltd. shares fell after the fast-food chain said it hasn’t received any takeover offer from buyout firm Bain Capital, refuting an earlier report that sent the stock surging.

The pizza chain’s shares had initially jumped as much as 23% to A$19 in Sydney trading after the Australian Financial Review reported Bain is considering buying the company in a deal worth as much as A$4 billion ($2.6 billion).

Most Read from Bloomberg

Chicago Bears Leave Behind $356 Million Stadium Debt as They Ditch City NYC’s Metro-North Extension to Penn Station Delayed Three Years What a 1970s Commune in Arizona Got Right About Desert Urbanism What to Know About Trump’s Demolition of the White House East Wing Europe’s Original Climate-Resilient City Has a Lesson for Us All

After Domino’s shot down the report, saying it “hasn’t received any proposal” or had any communication with Bain, the shares erased most of the gains to trade at A$16.53 at 2:45 p.m. Sydney time.

Billionaire Jack Cowin, the largest shareholder of Domino’s Pizza Enterprises, took charge at the company earlier this year to implement a turnaround. He wants to shift away from higher prices and a reliance on food coupons, to lower prices and fewer tokens in order to make menu prices more transparent.

Most Read from Bloomberg Businessweek

Allow Zohran Mamdani to Reintroduce Himself How Trump Pressures the World Into Burning More Oil and Gas Kyla Scanlon Sees Trouble Brewing in the US Economy AI Data Center Boom Threatens Trump’s Manufacturing Revival Chinese Caviar and Foie Gras Shake Up Global Gourmet Dining

©2025 Bloomberg L.P.

View Comments