NEW YORK Well-known activist investor Daniel S. Loeb and the fund he manages, Third Point LLC, based here, disclosed a 7-percent stake in IHOP Corp., the parent company to the mostly franchised, 1,302-unit family-dining chain. While Third Point did not disclose "any plans or proposals" for IHOP in the Feb. 13 filing, the hedge fund is known for taking activist positions with its investments.
Securities analyst Bryan Elliot at Raymond James & Associates Inc. said in a research note disseminated Monday that any restructuring at IHOP "would focus on adding leverage to the company's balance sheet with proceeds funding a tender offer or a large one-time dividend."
IHOP said earlier this month it planned to close a $200 million private placement of notes to fund both the retirement of debt and share repurchases.
