On July 16, 2007, IHOP Corporation announced a plan to acquire the bar-and-grill chain Applebee's in an all-cash transaction, valued at approximately US$2. 1 billion. In the arrangement, Applebee's stock holders will receive $25. 50 a share. IHOP stated it would franchise most of Applebee's 500 company-owned facilities. Applebee's had 1,943 restaurants worldwide at the time, including those operated by franchisees.