June 18, 2007
Ihop Said to Make Bid for Applebee's
This Bloomberg news story reports that unidentified sources report that Ihop Corp., the pancake chain, has made a bid for more than $2 billion for Applebee’s International, Inc., whose current stock value is about $1.92 billion. Ihop had announced in February that it was interested in acquiring a non-competing chain, while Applebee’s has been looking for a buyer since a key shareholder announced the franchisor’s stock’s performance a ‘disaster’. The proposed pairing could have something to do with the fact that CEO of Ihop, Julia Stewart, was president of Applebee’s domestic division from October 1998 through August 2001.
Posted by franchiselawblog at June 18, 2007 11:26 AM