IHOP completes Applebee’s deal
From Times Wire Services
Pancake-house operator IHOP Corp. said it had completed its $1.9-billion purchase of casual-dining chain Applebee’s International Inc.
Shareholders of Overland Park, Kan.-based Applebee’s will be paid $25.50 a share, a 4.6% premium over its closing price the day before the offer was announced in July.
Glendale-based IHOP is also assuming $155 million in Applebee’s debt as part of the deal.
The combined company has $6.8 billion in annual sales and more than 3,250 restaurants.
