Shares of Papa John’s International Inc. jumped the most in more than two months as deal speculation heats up.

The company has contacted potential acquirers -- including other companies and private equity firms -- and asked them to submit offers, Reuters reported, citing people familiar with the matter. CNBC reported that founder John Schnatter, who owns about 30 per cent of the company and is feuding with management, is the one looking for private-equity support for his own bid to regain control of the company, citing people familiar with the situation.

Papa John’s shares rose as much as 11 per cent, the biggest intraday move since July 12. The stock had dropped 18 per cent this year through Tuesday’s close.

Representatives for Schnatter didn’t have an immediate response to the reports. The company declined to comment.

Hostility between the chain’s founder and its management has boiled over in recent months as the two sides trade allegations and lawsuits fly. Schnatter is demanding new leadership at the company, which has moved to distance itself from the founder and remove him from promotional materials. In July, the board also adopted a poison pill designed to prevent Schnatter from adding to his stake or gaining majority control.

--With assistance from Leslie Patton.