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IHOP snaps up Applebee's for $2.1 billion
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by ryan | July 16, 2007 at 09:31 am
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IHOP, the largest stacker of pancakes with 1,300 pancake focused restaurants in the US and Canada, grows by acquiring Applebee's, the largest chain retaurant in the world.
Pancake house IHOP Corp. said Monday it agreed to buy fellow restaurant operator Applebee's International for about $2.1 billion.Applebee's shareholders would receive $25.50 in cash per share, representing a 4.6 percent premium to Friday's closing price.
The Glendale, Calif-based IHOP, which franchises nearly all of its restaurants, said it hoped to employ that strategy with Applebee's
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at 23:13 on January 20th, 2009
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