(Reuters) - NEW YORK, July 16 - IHOP Corp. said on
Monday it plans to buy bar-and-grill chain Applebee's
International Inc. for $25.50 per share to expand beyond
its iconic pancake houses, sending IHOP's shares up as much as 12
percent to an all-time high.
The all-cash deal, which represents a 4.6 percent premium
to Applebee's closing price on Friday, is worth about $1.9
billion, based on the company's 75,072,000 shares outstanding
as of April 1.
Read more at Reuters.com Bonds News
Monday it plans to buy bar-and-grill chain Applebee's
International Inc. for $25.50 per share to expand beyond
its iconic pancake houses, sending IHOP's shares up as much as 12
percent to an all-time high.
The all-cash deal, which represents a 4.6 percent premium
to Applebee's closing price on Friday, is worth about $1.9
billion, based on the company's 75,072,000 shares outstanding
as of April 1.
Read more at Reuters.com Bonds News
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