DineEquity, Inc. (NYSE: DIN), formerly known as IHOP Corporation, is an American company that both franchises and operates IHOP (International House of Pancakes) and Applebees restaurants. The company is headquartered in Glendale, California, and was founded in 1976 as IHOP until after it acquired Applebees when it changed its corporate identity. International, Inc announced on July 16, 2007 that it intended to acquire the bar-and-grill chain Applebees International, Inc. in an all-cash transaction that was valued at approximately US$2.1 billion. Under the deal, IHOP paid would pay $25.50 per share for Applebees. IHOP stated it would franchise most of Applebees 500 company-owned stores. In 2015, Applebees had 2,033 restaurants overall worldwide, all operated by franchisees. Julia Stewart, who originally worked as a waitress at IHOP and worked her way up through the restaurant industry, became Chief Executive Officer of IHOP Corporation. She had previously been President of Applebee’s, but left after being overlooked for that companys CEO position. She became CEO of IHOP in 2001, and returned to manage her old company due to the acquisition. With a larger than 70% vote, Applebees stockholders approved the takeover, which closed on November 29, 2007. The deal beat 26 other offers to purchase the economically slumping Applebees. A number of executives from Applebees voted against the offer. The chains largest individual shareholder, Applebees director Burton "Skip" Sack, believed the purchasing price was unfair to the shareholders and planned to take IHOP to court. As part of the purchase, a brand re-marketing scheme and revitalization of the Applebees image was undertaken.