IHop Corp. wants to add another selection to its menu with the
possible acquisition of restaurant chain, Applebee's International Inc.,
according to Bloomberg. Other bidders could surface, and a price has not been
revealed, Bloomberg reported on Wednesday. IHop is the largest pancake chain
in the U.S. with about 1,300 locations. Since shareholder Breeden Capital
Management LLC nominated four board candidates in December, Applebee's has
been shopping itself around. This blog highlighted in January that stock
pundit Jim Cramer of TheStreet.com mentioned Applebee's
might
seek a takeover but from a private equity firm. The Overland Park,
Kan.-based casual dining chain's slide in earnings is partly attributed to
competition from the growth of bar and grill restaurants and lower consumer
spending because of rising gas prices. —Gerald Magpily
See
Bloomberg article
See
May 11 TheDeal.com article
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