Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - BIGLARI HOLDINGS INC. | v179109_8k.htm |
THE
STEAK N SHAKE COMPANY
NEWS
RELEASE
|
FOR IMMEDIATE RELEASE
|
March 30,
2010
|
San
Antonio, TX — 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.