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Breakfast special.


Breakfast Special: IHOP Corp. reported second quarter net income of $14 million, a 37 percent increase from the same period a year earlier. Sales for the Los Angeles-based restaurant chain climbed 6 percent to $90 million. Separately Applebee's International Inc. shareholder Sardar Biglari said in a statement that he plans to vote against IHOP's $2.1 billion acquisition of the chain because he believes the price isn't high enough. Biglari, the chief executive of Lion Fund LP and Western Sizzlin Corp., said Applebee's board "made a grave mistake in agreeing to an undervalued bid for the entire company." Biglari owns just over 1 million shares in Applebee's.

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Title Annotation:News of the Week
Publication:Los Angeles Business Journal
Date:Jul 30, 2007
Words:107
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