DINE BRANDS ADOPTS POISON PILL AFTER $39 BID

Dine Brands, the parent of Applebee's and IHOP, adopted a shareholder rights plan after reports that Cobblers Cove Capital and Arkhouse Management built a stake worth close to 20% of the company through stock and derivatives, with an approach near $39 a share. The poison pill triggers at just 10% ownership for activist investors versus 20% for passive ones, and lets every other shareholder buy new $DIN stock at a 50% discount once it fires. The board adopted the plan on October 28.