Applebee’s, investor fail to reach boardroom deal
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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.
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