X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.