Applebee’s Stockholders Approve IHOP Merger

The stockholders of Applebee’s International Inc. voted today to allow the company to merge with Glendale-based IHOP Corp. Under the terms of the agreement, IHOP will acquire Applebee’s for $25.50 per share in cash, representing a total transaction value of approximately $2.1 billion. The transaction is expected to close by Nov. 29. Following the closing, Applebee’s will operate as a wholly owned subsidiary of IHOP Corp. “After a successful closing, we look forward to applying the focus and discipline that we have employed at IHOP to successfully restructure and re-energize the Applebee’s brand,” said Julia Stewart, IHOP Chairman and Chief Executive Officer, who will lead the management team of the combined companies. “By working in collaboration with the Applebee’s associates and franchisees, we believe that the brand can again achieve the success it enjoyed in the past.”