Applebee's stockholders say yes to merger with IHOP

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Applebee's International, Inc. said more than 70% of its total issued and outstanding common shares were voted in favor of the company's merger agreement with IHOP Corp.

On July 25, IHOP agreed to acquire Applebee's for $25.50 per share in a cash transaction valued at about $2.1 billion.

The transaction is expected to close by Nov. 29, according to a company news release.

It was previously reported that for Applebee's, the deal with IHOP was the result of a strategic alternatives process. Julia Stewart, IHOP chairman and chief executive officer, will lead the management team of the combined company.

Overland Park, Kan.-based Applebee's develops, franchises and operates restaurants under the Applebee's Neighborhood Grill & Bar brand.

The IHOP family restaurant chain is based in Glendale, Calif.

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