Steak n Shake closes Western Sizzlin acquisition

by Meat&Poultry staff
Share This:

SAN ANTONIO, TEXAS – The Steak n Shake Company has closed its acquisition of Western Sizzlin Corporation, effective March 30. 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.

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 intends to promptly mail all Western Sizzlin stockholders of record, as of the close of business on March 30, 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.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.

 

 


The views expressed in the comments section of Meat and Poultry News do not reflect those of Meat and Poultry News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.