IHOP To Buy Applebee's

LENDALE, Calif. (AP) - IHOP Corporation says it is buying the operator of the Applebee's restaurant chain for about one-point-nine billion dollars in cash.

IHOP will pay 25 dollars, 50 cents a share for Applebee's, which operates a chain of fast-casual restaurants and has been under pressure from shareholders of late.

The two companies put the total value of the deal at two-point-one (b) billion dollars.

IHOP, best known for the blue roof of its pancake houses, says it plans to franchise out most of the Applebee's company-owned stores. Same-store sales are down more sharply this year for Applebee's company-owned outlets than for its franchise locations.

The deal is expected to close in the fourth quarter.

(Copyright 2007 by The Associated Press. All Rights Reserved.)


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Register for Email
RSS Feeds
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 8529452 - wkyt.com/a?a=8529452
Gray Television, Inc.