Applebee's International, Inc. (Corporate Governance Quotient (CGQ))

• Applebees International, Inc. (M&A Insight Note): $100.00
  ...This proxy analy sis and vote recommendation have not been submitted to, nor received approval from, the United St ates Securities and Exchange Commission or any other regulatory body. While ISS exercised due care in compiling this ana lysis, we make n o warr anty, express or i mplied, regarding the accuracy , completeness, or usefulness of this in formation and assume no liabili ty w ith r espect to the consequences of relying on this information for investment or other purposes. In particular, t he research and voting recommendations provided are not intended to constitute an offer, solicitation or advice to buy or sell securities. This issuer may be a client of ISS or the parent of, or affilia ted w ith, a client of ISS. Neither the issuer, nor any of it s subsidiaries or af filiates, played any role in preparing this re port. Some of our clients may ow n stock i n the issuer that i s t he subject of this rep ort. Two of ISS' sto ckholders, Warb urg Pincus Priva...
• Applebee's International, Inc. (M&A Insight Analysis): $450.00
  ...The APPB board undertook an extensive strategic review proces s to evaluate a standalone restructuring plan versus a sale. The board opted for a sale citing the significant challenges facing the business given the company-specific and industry-wide deterioration, as well as the aggr essive assumptions underlying the standalone plan. Deal critics have argued that IHP is essentially doing the ex act same things as envisioned by the company s standalone plan. We note that the committed financing IHP obtained (importantly, before the credit crisis) based on a larger, combined IHP-APPB, is likely not achievable by APPB as a smaller standalone entity in the current market environment. In addition, the IHP management team, by virtue of their successful track record at IHP, may be better positioned to reinvigorate the APPB business than the current APPB management. Normally, a target board supports a proposed buyout unanimous ly. However, the APPB board split its vote, approving...