Papa John’s was plunging Tuesday afternoon following a report suggesting the private-equity firm Trian Fund Management is no longer interested in a deal.

Shares fell more than 12% after The Wall Street Journal reported, citing people familiar with the matter, that Trian has pulled out of the bidding for the pizza chain and that no bidders were interested in buying the entire company. The WSJ did say that several private-equity firms were interested in partial stakes. Bain Capital, CVC Capital Partners, KKR & Co, and Roark Capital are among the other firms who have reportedly been