DineEquity
Encyclopedia
DineEquity is a United States
company that both franchises and operates restaurants. Headquartered in Glendale, California
, the company was founded originally as IHOP
(International House Of Pancakes) and changed its corporate identity after it acquired Applebee's
. On July 16, 2007, IHOP Corp. announced its intent to acquire the bar-and-grill chain Applebee's
International, Inc. in an all-cash transaction, valued at approximately US$2.1 billion. Under the deal, IHOP paid $25.50 per share for Applebee's. IHOP stated it would franchise most of Applebee's 500 company-owned stores. Applebee's has 1,943 restaurants overall worldwide, including those operated by franchisees.
Julia Stewart, who originally worked as a waitress at IHOP and worked her way up through the restaurant industry, became Chief Executive Officer of IHOP Corp. She had previously been President of Applebee’s, but left after being overlooked for that company's CEO position. She became CEO of IHOP in 2001, and returned to manage her old company due to the acquisition.
With a larger than 70% vote, Applebee's stockholders approved the takeover, which closed on November 29, 2007. The deal beat 26 other offers to purchase the economically slumping Applebee's. A number of executives from Applebee's voted against the offer, the chain's largest individual shareholder, Applebee's director Burton "Skip" Sack plans to take IHOP to court to demand a higher amount of money to be paid to him as the purchasing price that IHOP is giving is unfair to the shareholders of Applebee's. As part of the purchase, a brand re-marketing scheme and revitalization of the Applebee's image was undertaken.
"Brestle recently served as vice chairman and president of Estee Lauder Companies
Inc. North America, a position he retired from in June 2009 after spending more than 30 years in leadership positions within the Lauder organization and its family of brands."
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
company that both franchises and operates restaurants. Headquartered in Glendale, California
Glendale, California
Glendale is a city in Los Angeles County, California, United States. As of the 2010 Census, the city population is 191,719, down from 194,973 at the 2000 census. making it the third largest city in Los Angeles County and the 22nd largest city in the state of California...
, the company was founded originally as IHOP
IHOP
IHOP may refer to:* IHOP, a restaurant chain, formerly known as The International House of Pancakes* International House of Prayer, a Christian 24/7 prayer center in Kansas City, Missouri...
(International House Of Pancakes) and changed its corporate identity after it acquired Applebee's
Applebee's
Applebee’s International, Inc., is an American company which develops, franchises, and operates the Applebee's Neighborhood Grill and Bar restaurant chain. As of September 2011, there were 2,010 restaurants operating system-wide in the United States, one U.S. territory and 14 other countries...
. On July 16, 2007, IHOP Corp. announced its intent to acquire the bar-and-grill chain Applebee's
Applebee's
Applebee’s International, Inc., is an American company which develops, franchises, and operates the Applebee's Neighborhood Grill and Bar restaurant chain. As of September 2011, there were 2,010 restaurants operating system-wide in the United States, one U.S. territory and 14 other countries...
International, Inc. in an all-cash transaction, valued at approximately US$2.1 billion. Under the deal, IHOP paid $25.50 per share for Applebee's. IHOP stated it would franchise most of Applebee's 500 company-owned stores. Applebee's has 1,943 restaurants overall worldwide, including those operated by franchisees.
Julia Stewart, who originally worked as a waitress at IHOP and worked her way up through the restaurant industry, became Chief Executive Officer of IHOP Corp. She had previously been President of Applebee’s, but left after being overlooked for that company's CEO position. She became CEO of IHOP in 2001, and returned to manage her old company due to the acquisition.
With a larger than 70% vote, Applebee's stockholders approved the takeover, which closed on November 29, 2007. The deal beat 26 other offers to purchase the economically slumping Applebee's. A number of executives from Applebee's voted against the offer, the chain's largest individual shareholder, Applebee's director Burton "Skip" Sack plans to take IHOP to court to demand a higher amount of money to be paid to him as the purchasing price that IHOP is giving is unfair to the shareholders of Applebee's. As part of the purchase, a brand re-marketing scheme and revitalization of the Applebee's image was undertaken.
Board of directors
On July 9, 2009 DineEquity, Inc. announced the appointment of Mr. Daniel J. Brestle to the Company's Board of Directors, the Board's Compensation Committee and as an independent director. Currently, DineEquity has eleven Board members, including Brestle."Brestle recently served as vice chairman and president of Estee Lauder Companies
Estée Lauder Companies
Estée Lauder Companies, Inc. is a manufacturer and marketer of prestige skincare, makeup, fragrance and hair care products. The company has its headquarters in Midtown Manhattan, New York City.-History:...
Inc. North America, a position he retired from in June 2009 after spending more than 30 years in leadership positions within the Lauder organization and its family of brands."