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Applebee’s shareholders approve buyout by IHOP

OVERLAND PARK Kan. Stockholders of Applebee’s International Inc. have voted by a wide margin to proceed with the casual-dining company’s $2.3 billion buyout by IHOP Corp., the casual-dining company said after a special shareholder meeting here this morning.

Shareholders controlling more than 70 percent of shares outstanding voted to accept the pancake specialist’s offer of $25.50 per share and the assumption of $155 million in debt, Applebee’s said.

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