San Antonio, TX, March 30 /PRNewswire-FirstCall/ -- The Steak n
Shake Company (NYSE: SNS) announced today the closing of its
acquisition of Western Sizzlin Corporation (Nasdaq: WEST),
effective as of March 30, 2010.
The acquisition was affected by means of a merger of Western
Sizzlin with and into a subsidiary of Steak n Shake, with Western
Sizzlin continuing as the surviving corporation and as a
wholly-owned subsidiary of Steak n Shake.
As a result of the merger, former Western Sizzlin stockholders
will receive a pro rata portion of subordinated debentures issued
by Steak n Shake in the aggregate principal amount of $22,959,000 (or approximately $8.07 principal amount for each former Western
Sizzlin share). This new issue of 14% redeemable subordinated
debentures due 2015 will be issued only in principal amounts of
$1,000 or whole multiples of that
amount; fractional interests in debentures will be settled in cash.
Steak n Shake will promptly mail all Western Sizzlin
stockholders of record, as of the close of business on March 30, 2010, a transmittal form by which they
may surrender their stock certificate and obtain the merger
consideration. All debentures, regardless of when delivered
to a Western Sizzlin stockholder, will bear interest from
March 30, 2010.
Risks Associated with 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.
SOURCE The Steak n Shake Company