Friday, November 30, 2007

Apple(bee's) of my I(hop)

Pancake house operator IHOP Corp. said Thursday it had completed its $1.9 billion purchase of casual dining chain Applebee's International Inc.

Under terms of the deal, shareholders of Overland Park, Kan.-based Applebee's will be paid $25.50 per share, a 4.6 percent premium over its closing price on the day before the offer was an nounced in July and 2 cents above where the shares ended trading Thursday.

Glendale, Calif.-based IHOP also is 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.

Read more in the Tennessean newspaper.

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