Ihop to Acquire Applebee's for $1.9 Billion in Cash

Ihop Corp., the biggest U.S. pancake-house chain, agreed to buy Applebee's International Inc. for about $1.9 billion in cash, quadrupling its sales.

Applebee's investors will get $25.50 a share, 4.6 percent more than the company's closing price July 13. Including the assumption of debt, the transaction was valued at $2.1 billion. Overland Park, Kansas-based Applebee's has 1,943 restaurants, and Ihop has 1,319.

Ihop plans to sell most of Applebee's 508 company-owned restaurants to franchisees, Chief Executive Officer Julia Stewart said in a statement today. The move will lower costs and help Glendale, California-based Ihop pay off debt, the companies said.

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- Posted: 2007-07-16 10:17:07

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