An Applebee’s International Inc. director plans to ask a Delaware court to award him more money for his shares, on the grounds that IHOP Corp. is paying too little to buy the restaurant chain, the Wall Street Journal.

Burton “Skip” Sack, Applebee’s largest individual shareholder, with about 3.2% of the stock, said he has started the process of an appraisal proceeding that he plans to file against Applebee’s once it becomes a subsidiary of IHOP. Appraisal rights allow a shareholder to submit the value of company shares to a court’s analysis, with the hopes that the court will determine they are worth more than the agreed purchase price.

IHOP agreed to buy Applebee’s in July for $2.1 billion, or $25.50 a share, just as the credit markets were softening.

Mr. Sack’s lawsuit is the latest sign of the sharp divisions surrounding the Applebee’s deal pact. Mr. Sack and four other Applebee’s directors, including Chief Executive Dave Goebel, voted against selling to IHOP, favoring instead a stand-alone plan to revive the nation’s largest sit-down restaurant chain by locations and sales. They were outvoted by the nine other Applebee’s board members.

“I felt very strongly that it was not a good deal for shareholders,” said Mr. Sack, adding that he has “agonized” over proceeding with the suit. “I think the shares are worth more.”

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