Firms split over Applebee-IHOP
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Two shareholder advisory firms were divided on whether Applebee’s International Inc. investors should approve the restaurant chain’s proposed sale to IHOP Corp.
Proxy Governance Inc. was against the sale and Glass, Lewis & Co. supported it.
Glendale-based pancake house operator IHOP said in July that it had agreed to buy the struggling casual-dining chain for $1.9 billion in cash, or about $25.50 a share, and assume $155 million in debt. That would be a slight premium for Overland Park, Kan.-based Applebee’s shares, which fell 6 cents to $25.15 on Thursday.
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