The Steak n Shake Company Proposes to Acquire Fremont Michigan InsuraCorp, Inc. for $24.50 Per Share in Cash and Stock
21 Dezembro 2009 - 10:07PM
PR Newswire (US)
INDIANAPOLIS, IN, Dec. 21 /PRNewswire-FirstCall/ -- The Steak n
Shake Company (NYSE:SNS) announced today its intent to acquire 100%
of the issued and outstanding shares of common stock of Fremont
Michigan InsuraCorp, Inc. (OTC:FMMH.OB) (BULLETIN BOARD: FMMH.OB)
that it does not already own, through an appropriate acquisition
entity for $24.50 per share (the "Purchase Price"). 50% of the
Purchase Price would be paid in cash, and 50% would be paid in
shares of the common stock of Steak n Shake. Stockholders of
Fremont would be given an opportunity to elect to receive the
Purchase Price in cash, shares of Steak n Shake, or a combination
thereof, so that the consideration will be subject to proration if
the elections do not equal 50% cash and 50% stock. The offer is not
subject to any financing contingency. The offer price represents an
11.3% premium to today's closing price of Fremont's common stock.
Steak n Shake is filing for regulatory approval from the Michigan
Office of Financial and Insurance Regulation. Forward-Looking
Statements This news release may include "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and other federal securities laws. These
statements which may concern anticipated future results are based
on current expectations and are subject to a number of risks and
uncertainties that could cause actual results to differ markedly
from those projected or discussed here. Steak n Shake cautions
readers not to place undue reliance upon any such forward-looking
statements, for actual results may differ materially from
expectations. Steak n Shake does not undertake to publicly update
or revise any forward-looking statements even if experience or
future changes make it clear that any projected results expressed
or implied therein will not be realized. Further information on the
types of factors that could affect Steak n Shake and its business
can be found in the company's filings with the SEC. DATASOURCE: The
Steak n Shake Company CONTACT: Duane Geiger, +1-317-633-4100 Web
Site: http://www.steaknshake.com/
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