INDIANAPOLIS-The Steak n Shake Co. has merged a subsidiary with Western Sizzlin Corp. The merger is valued at nearly $23 million, providinga $8.08 per share value to shareholders.

According to a joint release, “Western has also declared a special dividend payable to Western stockholders in the form of 1,322,806 shares of Steak n Shake common stock presently beneficially owned by an investment subsidiary of Western.” Jointly the dividend and merger are valued at $38.8 million or $13.67 per Western share.

The dividend is payable to stockholders on the books as of November 2, 2009.

B. Riley & Co. LLC is the financial adviser to the special committee of Western’s directors for the merger. The merger was first announced in the summer.

Steak n Shake started in 1934 in Normal, IL. The company now has more than 490 locations in 22 states.

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