IHOP stated it would franchise most of Applebee 's 500 company - owned facilities .
Under the deal , IHOP would pay $25.50 per share for Applebee 's .
IHOP stated IHOP would franchise most of Applebee 's 500 company - owned facilities .
Under the deal , IHOP would pay $25.50 per share for Applebee 's .