Applebee’s, investor fail to reach boardroom deal

Applebee’s International Inc. said negotiations with Breeden Capital failed to produce an agreement, after Breeden rejected the restaurant chain’s offer of two board seats.

Breeden Capital, a hedge fund run by former Securities and Exchange Commission Chairman Richard Breeden, owns 5% of Applebee’s shares and has nominated four candidates for election to Applebee’s board. The board currently has 12 members.

The company said last month that it was exploring a possible sale amid pressure from Breeden Capital to reduce capital spending and boost cash returned to shareholders.