Tuesday, October 23, 2007
Appraisal proceedings are rare -- the procedure is too cumbersome, and the cost/benefit analysis rarely points to filing the proceeding. Even rarer is a director of the acquired corporation filing an appraisal proceeding, but that is what Burton "Skip" Sack, a director and the largest individual shareholder of Applebee's International, says he plans to do if the other shareholders approve IHOP's acquisition at $25.50 per share. The Applebee's board split 9-5 over whether to approve the deal, and the proxy advisory firms are also split. WSJ, Applebee's Director Says IHOP Is Paying Too Little for Chain.