OVERLAND PARK, Kan.--(BUSINESS WIRE)--Oct. 18, 2007--Applebee's
International, Inc. (Nasdaq:APPB) today announced that Glass Lewis &
Co., one of the nation's leading independent proxy advisory firms,
recommended that Applebee's stockholders vote "FOR" the proposed sale
of the company to IHOP Corp.
Applebee's and IHOP entered into a definitive agreement on July
16, 2007, to combine the two companies in an all-cash transaction
under which Applebee's shareholders will receive $25.50 per share of
Applebee's common stock.
Applebee's International will hold a special meeting of
stockholders to vote on the proposed sale at 10 a.m. (Central Time) on
Oct. 30, 2007, at the Doubletree Hotel in Overland Park, Kan.
"The recommendation of Glass Lewis supports the Applebee's Board's
decision that this sale is in the best interest of Applebee's
shareholders," said Laurie Ellison, spokesperson for the company. "The
board urges all Applebee's shareholders to vote their shares 'FOR' the
sale with IHOP."
The company noted that Proxy Governance, another proxy advisory
firm, today recommended against the sale.
Ellison said, "We respectfully disagree with Proxy Governance's
recommendation. Our board of directors recommends stockholders vote in
favor of the proposed sale."
Stockholders who have questions about the merger or need
assistance in submitting their proxy or voting their shares should
contact Applebee's proxy solicitor, Innisfree M&A., toll-free at
Applebee's International, Inc., headquartered in Overland Park,
Kan., develops, franchises and operates restaurants under the
Applebee's Neighborhood Grill & Bar brand, the largest casual dining
concept in the world. As of Sept. 30, 2007, there were 1,953
Applebee's restaurants operating system-wide in 49 states, 17
international countries and one U.S. territory, of which 510 were
company-owned. Additional information on Applebee's International can
be found at the company's website (www.applebees.com).
Additional Information and Where to Find It
In connection with the proposed transaction, IHOP Corp. and
Applebee's International will be filing documents with the Securities
and Exchange Commission (the "SEC"), and Applebee's has filed a
related definitive proxy statement. Investors and security holders are
urged to read the definitive proxy statement because it contains
important information about the proposed transaction. Investors and
security holders may obtain free copies of the definitive proxy
statement and other documents filed with the SEC at the SEC's website
at www.sec.gov. In addition, investors and security holders may obtain
free copies of the documents filed with the SEC by IHOP Corp. by
contacting IHOP Investor Relations at 818-240-6055. Investors and
security holders may obtain free copies of the documents filed with
the SEC by Applebee's by contacting Applebee's Investor Relations at
913-967-4000. In addition, you may also find information about the
merger transaction at www.ihopapplebeesacquisition.com.
Applebee's and their directors and executive officers may be
deemed participants in the solicitation of proxies from the
stockholders of Applebee's in connection with the proposed
transaction. Information regarding the special interests of these
directors and executive officers in the proposed transaction is
included in the definitive proxy statement of Applebee's described
above. Additional information regarding the directors and executive
officers of Applebee's is also included in Applebee's proxy statement
for its 2007 Annual Meeting of Stockholders, which was filed with the
SEC on April 9, 2007, and the supplemental proxy statement filed on
May 1, 2007. These documents are available free of charge at the SEC's
website at www.sec.gov and from Investor Relations at IHOP and
Applebee's as described above.
Applebee's International, Inc.
Laurie Ellison, 913-967-2718
Applebee's International, Inc.