Holder of 1M Applebee’s shares says he will oppose IHOP deal

ROANOKE, Va. Sardar Biglari, chairman and chief executive of The Lion Fund LP hedge fund and the Western Sizzlin’ Corp. family restaurant chain, said Wednesday that he planned to vote against IHOP Corp.’s pending acquisition of Applebee’s International Inc. because he regards the price as too low.

He said in a statement that the $25.50 per-share bid for Applebee’s is “below the fair value” of the casual-dining giant’s stock, adding that his group was “exploring

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