Applebee's board to seat activist Breeden and ally

Nation's Restaurant News,  June 4, 2007  

Tags: Applebee's, board

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OVERLAND PARK, KAN. -- Shareholders of Applebee's International Inc. elected investor Richard C. Breeden and an ally, Laurence Harris, to its board of directors during the company's annual meeting last month. Breeden, who had threatened a proxy fight, has pushed Applebee's to increase franchising, reduce costs and consider a possible sale of the company.

Applebee's also indicated that a strategic review begun in February and including consideration of such a sale was ongoing. A recapitalization or asset securitization also are options under review. However, the chain said further due diligence was needed before prospective buyers would be asked to submit definitive proposals.

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