International House of Applebees
Jun. 13th, 2007 08:50 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
patgundIhop Bids for Applebee's Restaurant Chain, People Say
"Ihop Corp., the biggest U.S. pancake-house chain, offered to buy Applebee's International Inc., people familiar with the matter said.
The bid was for more than $2 billion, a person with direct knowledge of the offer said. There may be other bidders, said the people, who declined to be identified because the proposal isn't public. Applebee's stock-market value is about $1.92 billion.
Ihop, which has about 1,300 locations and half the market value of Applebee's, said in February it may acquire a chain that isn't a competitor. Applebee's, with 1,900 casual-dining restaurants, began seeking a buyer after shareholder Breeden Capital Management LLC nominated four board candidates in December and called the stock's performance a ``disaster.''
"Ihop Corp., the biggest U.S. pancake-house chain, offered to buy Applebee's International Inc., people familiar with the matter said.
The bid was for more than $2 billion, a person with direct knowledge of the offer said. There may be other bidders, said the people, who declined to be identified because the proposal isn't public. Applebee's stock-market value is about $1.92 billion.
Ihop, which has about 1,300 locations and half the market value of Applebee's, said in February it may acquire a chain that isn't a competitor. Applebee's, with 1,900 casual-dining restaurants, began seeking a buyer after shareholder Breeden Capital Management LLC nominated four board candidates in December and called the stock's performance a ``disaster.''
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Date: 2007-06-14 03:49 pm (UTC)