GOOD to see this type of thing for a change. Applebee’s International Inc. and a hedge fund operated by former SEC-chairman Richard Breeden have settled their proxy fight.
The company will appoint two of Breeden Capital Management’s competing directors to its board. They are Breeden himself and attorney Laurence Harris.
Breeden had been seeking four board seats. The company earlier offered two, which Breeden declined. Not sure what changed, but that’s all in the past.
Investors liked the news of Applebee’s embrace of Breeden — and especially word from the board’s Strategy Committee that it has received preliminary bids to buy the company. The stock spiked 6% after the news.
Nothing better than a little upward action to warm shareholders’ hearts.