10/31/2007

More than 70% of Applebee's shares were voted in favor of a takeover deal by IHOP Tuesday, at what one attendee called a "solemn" shareholder meeting. Five Applebee's directors voted against accepting IHOP's offer, The Wall Street Journal reports, but now that the transaction is expected to close Nov. 29, IHOP CEO Julia Stewart is moving forward with the integration of the two chains. "This is not the future I had envisioned for Applebee's," Applebee's Chairman Lloyd Hill said. He thanked the restaurants' employees and expressed his confidence in "the incredible appeal and strength of this great American brand."

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