Applebee's Stockholders Approve Acquisition by IHOP Corp.
Applebee's International, Inc. (Nasdaq:APPB) announced that, at a special meeting of stockholders held today, Applebee's stockholders voted to adopt the merger agreement between the company and IHOP Corp. (NYSE:IHP). Shares voted in favor of the adoption of the merger agreement represented more than 70 percent of the total issued and outstanding common shares.
As previously announced, on July 15, 2007, IHOP Corp. ('IHOP') and Applebee's International, Inc. ('Applebee's') entered into a definitive agreement under which IHOP will acquire Applebee's for $25.50 per share in cash, representing a total transaction value of approximately $2.1 billion.
The transaction is expected to close by November 29, 2007, subject to satisfaction or waiver of additional customary closing conditions set forth in the merger agreement.
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