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Appldbees move comes as Wall Street analysts anticipate a difficult second-quarter earnings season in the restaurant sector as soaring commodity costs hurt profits and consumers worried over high gas prices ate out less frequently. Stewart, a former Applebee's International Inc.
If approved, the deal would close in the fourth quarter. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual to be materially different than those expressed or implied in such statements. With nearly 3, restaurants combined, DineEquity is the largest full-service restaurant company in the world.
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In addition, the Company disclaims any intent compahy obligation to update these forward-looking statements. Louis, Missouri and parts of Illinois. Stewart has also introduced new items, such as savory crepes and a healthier menu called IHOP for me, as well as eliminating trans fats and relaunching the Super Rudy Tooty Fresh and Fruity Combos.
In doing so, the company would reduce the percentage of company-owned stores to 5 percent from the current 25 percent, a transformation similar to the one she led at IHOP beginning in It remains to be seen whether Applebee's shareholders including Breeden's firm will endorse the deal, especially given past statements from Breeden that urge improving the business before considering a sale, Glass wrote.
Same-store sales are down more sharply this year for Applebee's company-owned restaurants than for its franchise locations.
Analysts worry that the all-cash nature of the deal leaves Applebee's investors shut out of any benefit from upward stock movement should the transformation lead to better profits. About DineEquity, Inc. It just needed somebody to slap it around a bit. Louis market and adjacent areas.
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We are excited about the future and look forward to a smooth and successful transfer of ownership. IHOP said it expects to continue paying a dividend and said the deal should add to earnings starting in Both these transactions are expected to close in the fourth quartersubject to customary closing conditions and regulatory approvals. Applebee's put itself up for sale in February and has struggled recently, reporting last month that first-quarter profit fell 65 percent.
The deal requires approval by Applebee's shareholders but not investors in IHOP, since it is an all-cash deal. The transaction is expected to close in the first quarter Virtually all of Glendale, Calif. at applebees looking for company
Michael Gallo of C. The purchase agreement does not contain a financing contingency, but closing is subject to regulatory processes related to liquor transfers and other customary closing conditions.
In April, Applebee's struck a deal with Breeden, who is also a former chairman of the Securities and Exchange Commission, to add him and one other person to its board, amid pressure from his firm applebeew improve operations. Acquisitions are often made with a combination of cash and stock. Forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of and should be evaluated in the context of these factors.
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Stewart, companny was president of Applebee's domestic division from towill lead the management team of the combined company. IHOP also plans aggressive share repurchases to increase shareholder value, executives said.
Applebee's has about 76 million shares outstanding. The move comes as Wall Street analysts anticipate a difficult second-quarter earnings season in the restaurant sector as soaring commodity costs hurt profits and consumers worried over high gas prices ate out less frequently.
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Stewart, a former Applebee's International Inc. These factors include, but are not limited to: the implementation of DineEquity, Inc.
Applebee's, based in Overland Park, Kan. Conforti said the company does not anticipate any antitrust issues since they are not direct competitors.
Forward-Looking Statements There are forward-looking statements contained in this news release.