Friday, July 20, 2007
News Merger of the tasteless titans
Posted by Cliff Bostock @cliffbostock on Fri, Jul 20, 2007 at 5:18 PM
Oh, here's some good news. Now you, too, can own an Applebee's:
GLENDALE, Calif. - IHOP Corp. said Monday that it has agreed to buy Applebee's International Inc. for $1.9 billion in cash, and plans to sell restaurants to franchisees to reduce costs and debt.News of the agreement sent IHOP shares to their biggest gain in 21 months. IHOP stock increased $4.99, or 8.9 percent, to a record $61.24, on the New York Stock Exchange, its biggest jump since October 2005. Shares of Applebee's increased 53 cents, to $24.91, on the Nasdaq stock market.
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