Sour Applebee's
A director who is the largest individual shareholder of Applebee's International intends to back up his vote against the acquisition of Applebee's by IHOP Corp. for $25.50 per share (see
earlier blog posting) by seeking appraisal rights in court to achieve a higher value for his stock after the deal is consummated, according to
this article. With 3.2% of Applebee's stock, which translates to an over $62 million payout for his shares at the $25.50 per share price, the director should be able to be "Eatin' Good In The Neighborhood," win or lose.
Posted by franchiselawblog at October 26, 2007 11:31 AM