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APPLEBEE'S BOARD APPROVES EMPLOYMENT AGREEMENTS FOR SENIOR MANAGEMENT AND ADOPTS ANTI-TAKEOVER PROVISIONS

 APPLEBEE'S BOARD APPROVES EMPLOYMENT AGREEMENTS
 FOR SENIOR MANAGEMENT AND ADOPTS ANTI-TAKEOVER PROVISIONS
 KANSAS CITY, MO., March 6 -- Applebee's International, Inc., (NASDAQ:APPB) reported that its board of directors recently approved long-term employment agreements with the company's president, Abe J. Gustin, and its two executive vice presidents, Kenneth D. Hill and Ronald B. Reck. These agreements contain certain non-competition and change-in-control severance provisions.
 The board also adopted, subject to stockholder approval at the 1992 annual meeting, certain anti-takeover amendments to the company's Certificate of Incorporation, including classification of the board of directors and a "fair price" provision. Generally, the proposed amendments provide:
 - Classification of directors into three classes with staggered
 three year terms.
 - Certain business combinations between the company and a holder of
 5 percent or more of the company's shares would require all
 stockholders to receive a price per share equal to the highest
 price per share paid by such 5 percent holder, unless the
 combination is approved (1) by a majority of the disinterested
 stockholders, or (2) by a majority of the directors not
 affiliated with the 5 percent holder.
 - Limiting the removal of directors during their term in office
 to certain defined causes.
 The proposed amendments would make the removal of incumbent directors more difficult and time consuming and may have the effect of discouraging a merger, tender offer or other takeover attempt.
 Applebee's International, Inc., headquartered in Kansas City, Mo., develops, franchises and operates a rapidly expanding national chain of restaurants under the trademark Applebee's Neighborhood Grill and Bar.
 -0- 3/6/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000 or Sue Carroll of Applebee's International, 816-421-2501/
 (APPB) CO: Applebee's International ST: Minnesota IN: LEI SU:


KH -- MN016 -- 6053 03/06/92 17:21 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 6, 1992
Words:289
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