Five Applebee’s directors plan to oppose buyout by IHOP

OVERLAND PARK Kan. Five of the 14 directors at Applebee’s International Inc. plan to cast votes representing a 5 percent collective stake in the company against the pending $2.1 billion buyout proposal from pancake specialist IHOP Corp. because of concerns about the valuation, according to proxy materials filed late Thursday with securities regulators.

The filing also revealed that the dissenting group, including chief executive David Goebel, chairman Lloyd Hi

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