DineEquity, Inc. formerly known as IHOP Corporation, is an American company that both franchises and operates IHOP (International House of Pancakes) and Applebee\'s restaurants. The company is headquartered in Glendale, California, and was founded in 1976 as IHOP until after it acquired Applebee\'s when it changed its corporate identity. International, Inc announced on July 16, 2007 that it intended to acquire the bar-and-grill chain Applebee\'s 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 Applebee\'s. IHOP stated it would franchise most of Applebee\'s 500 company-owned stores.