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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