Applebee’s to settle suit on stockApplebee’s International...
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Applebee’s to settle suit on stock
Applebee’s International Inc. tentatively settled a lawsuit filed by a shareholder, moving the planned $1.9-billion purchase of the company by Glendale-based IHOP Corp., the largest U.S. pancake-house chain, closer to completion.
Applebee’s, based in Overland Park, Kan., said in July that it would be bought by IHOP, formerly International House of Pancakes, for $25.50 a share. The New Jersey Building Laborers Pension and Annuity Funds sued, seeking more money for the stock.
Lawyers for the funds said the preliminary settlement, which provides additional information about the sale process and unspecified legal fees, was “in the best interests of Applebee’s shareholders,” according to a filing in Delaware Chancery Court in Wilmington.
Applebee’s, which had $1.33 billion in sales last year, said in August that the all-cash deal might be completed in the fourth quarter.
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