Glendale-based International IHOP Inc. would be taking a big bite with its reported $2-billion bid to purchase Applebee’s restaurants.

The offer, which was not confirmed last week, reportedly would give Applebee’s International Inc. shareholders a meager 4 percent premium for selling. Before the bid, Applebee’s had a market capitalization of $1.92 billion.

Earlier this year, IHOP Chief Executive Officer Julia Stewart said in a conference call that the company had an appetite to buy a non-competitive restaurant chain with franchise potential that was “of sufficient size and could be acquired at a reasonable price.”

IHOP did not return calls. Neither did Applebee’s of Overland Park, Kan. However, analysts generally were skeptical that any such combination would work.

On the size question, Applebee’s seems more than sufficient. It has 1,930 restaurants, compared to only 1,306 IHOP outlets.

Analysts pointed out that more than 99 percent of IHOPs are operated by franchisees, which means IHOP management operates only 13 restaurants. But Applebee’s management runs more than 500 restaurants.

The chains don’t compete on a marketing level. IHOP serves mainly breakfast food, specializing in pancakes and sausage. Applebee’s is a lunch and dinner bar-and-grill that calls itself “the largest casual dining concept in America, both in terms of number of restaurants and market share.”

Financially, Applebee’s reported annual revenues of $1.34 billion in 2006. That’s nearly four times as much as IHOP, which only sold $350 million. The difference between the two narrows in net income before taxes: Applebee’s posted $122 million, while IHOP had $72 million.