IHOP’s purchase of Applebee’s is OKd
Shareholders of Applebee’s International Inc. on Tuesday approved Glendale-based IHOP Corp.'s $1.9-billion-acquisition offer on Tuesday, IHOP reported.
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 deal is expected to close by Nov. 29.
Porto joins Americas United Bank board
Executives from Americas United Bank, a Latino-owned and -focused bank in Glendale, announced last week that local business owner Raul Porto has joined the bank’s Board of Directors.
Porto is an organizer and founder of the bank, and has been a staunch supporter of the bank since its November 2006 inception, bank officials said.
Porto, as the co-owner of Porto’s Bakery in Glendale and Burbank, employs more than 400 employees.