Steak n Shake, Western Sizzlin detail merger

The sign of our times just keeps getting better with article after article talking about growth in the hospitality industry.  Many concepts are merging to form a stronger organization which is a win for everyone, customers and restaurant employees alike. 

 Steak n Shake Co. and Western Sizzlin Corp. said Friday they have signed an agreement to merge in a deal worth $38.8 million.

The agreement, first announced as a plan in August, must still garner shareholder approval from Western Sizzlin’ and includes a 30-day “go-shop period” where additional acquisition proposals can be entertained, according to filings with federal securities regulators.

Details of the proposed deal show that Steak n Shake, the parent to the 468-unit family dining chain, would become a subsidiary to Western Sizzlin, operator or franchisor to the namesake 105-unit steak buffet chain. Both companies are led by former activist investor Sardar Biglari.

The deal is expected to close through a special dividend to Western Sizzlin shareholders in the form of 1.3 million shares of Steak n Shake stock that is owned by an investment division of Western Sizzlin. The merger agreement also calls for Steak n Shake to issue and deliver to Western stockholders Steak n Shake unsecured debt with a principal amount of nearly $23 million. At the effective time of the merger, each share of Western’s common stock would be converted into the right to receive debentures equal to $8.08 per share, the companies said.

Back

What Clients Say About Patrice & Associates

  • Ed Liedke is amazing to work with! 

    He asked questions about my career preferences to find me the best opportunity out there.  Ed Leidke provided the best practices to guide me through the hiring process and nail the interviews.  I would definitely encourage others to utilize his expertise to find the career of their dreams.              

    Thank you Ed!

    Dusty

    Ed Liedke is amazing to work with! 
  • Ed Carroll was an absolute JOY to work with! 

    Our initial call was extremely casual which made me so much more comfortable talking with him.  He stayed in touch and updated me for every step of the hiring process.  He placed me with a company that is a great fit for both parties.  I could not have asked for a better experience!      

    Thank you, Ed and Patrice and Associates!

    Beyond Thankful,

    Rebecca M.

    Ed Carroll was an absolute JOY to work with!
  • Jobs & Recruitment News - Patrice & AssociatesPradnya Kulkarni was a pleasure to work with 

    She was very patient with me and always very informative.  She always seemed to be in great spirits when I talked to her on the phone witch encouraged me to keep going.  She did such an awesome job!  Highly recommend.

     

    Many thanks,

    Henry T.

    Pradnya Kulkarni was a pleasure to work with
  • Working along with Carlie Knauer was a pleasure! 

    Carlie was always very helpful in assisting with finding my new current job! She is a hard working professional that maintained contact with me throughout the entire process and provided me great guidance all together.  Thank you, Carlie!    

    Kind regards, Isabella

  • Bruce Leininger is TOP NOTCH! 

    He is nothing short of a true asset to Patrice & Associates!  Your company should clone him!!    

    Thank you

    Dave Morrison

    Bruce Leininger is TOP NOTCH!