IHOP to buy Applebee's for $2.1B

GLENDALE Calif. Pancake specialist IHOP Corp. has agreed to acquire casual-dining behemoth Applebee's International Inc. for $2.1 billion in cash, or $25.50 per share, the parties disclosed Monday morning.

The announcement cited a five-point plan for improving Applebee's financial results, including the franchising of its 508 company-operated units; the sale and lease-back of the real estate under those stores; upgrading marketing and operations; and reducing

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