DineEquity Board Authorizes $45M Buyback Plan

DineEquity (NYSE:DIN) said Monday that its board of directors approved a $45 million stock repurchase program in an effort to return value to shareholders.

The Glendale, Calif.-based operator of IHOP and Applebees restaurant chains said the buyback program represents an effective use of its capital and underscores its confidence in the sustainability of its business model and free cash flow generation.

Purchases will be made from time to time on an opportunistic basis in open market transactions and in privately negotiation transactions.