Applebee’s: Credit crunch forced OK of IHOP buyout

Applebee’s: Credit crunch forced OK of IHOP buyout

OVERLAND PARK KAN. Applebee’s International Inc.’s board of directors chose the lesser of two evils in July when they agreed to allow IHOP Corp. to acquire the 1,950-unit casual-dining chain for $2.3 billion just as turbulent credit markets scotched a management-led plan to fund a recapitalization of the company, proxy materials recently filed with securities regulators indicated.

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