Company News : Applebee’s shareholders OK buyout

Shareholders of the bar-and-grill chain Applebee’s International Inc. on Tuesday approved a $1.9 billion buyout offer from pancake house operator IHOP Corp.

More than 70 percent of the company’s shares voted to approve the agreement, which critics said shortchanged shareholders.

Under terms of the deal, shareholders of Overland Park-based Applebee’s will be paid $25.50 per share, a 4.6 percent premium over its closing price on the day before the offer was announced.

Glendale, Calif.-based IHOP is also assuming $155 million in Applebee’s debt as part of the deal.

The sale is expected to close by Nov. 29. The combined company would have $6.8 billion in annual sales and more than 3,200 restaurants.

“Looking to keep growing its Hanes and Champion brands, Hanesbrands Inc. said Tuesday it has signed a wide-ranging marketing deal with The Walt Disney Co. that includes product co-branding, attraction sponsorships and signage at Disney parks and resorts.

The 10-year deal is estimated to be worth “tens of millions of dollars,” and is the largest marketing alliance for the T-shirt, bra and underwear maker, Hanesbrands officials said. The company shared details of the deal with the Associated Press before its public announcement scheduled for today.

All basic apparel sold by Disney at its parks and resorts, and at the company’s ESPN Zone restaurants, will now be from the Hanes and Champion lines. Under the agreement, basic apparel includes T-shirts and tanks and fleece sweat shirts, sweat pants, hoodies and other garments, including infant and toddler items.

“The maker of Peeps – the fluffy, yellow, marshmallow chicks that have spawned a fanatical following – has tapped an overseas manufacturer to make candies for the first time in the company’s history.

Just Born Inc. is making its Spooky Friends treats for Halloween in China.

That could be a scary thought for American consumers concerned about products made in China, which has been hit by a series of recalls of substandard goods and lead-tainted toys. An August poll by the Associated Press found that most Americans believe the U.S. government is not doing enough to ensure that Chinese imports are safe.

Bethlehem, Penn.-based Just Born said it was making the foray into outsourcing for the first time in its 84-year history because its plant in Bethlehem cannot individually wrap the Spooky Friends candies. The company found a factory in China that can do the job and meets its quality standards.