Steak n Shake closes Western Sizzlin merger

SAN ANTONIO Steak n Shake Co. closed on its acquisition of Western Sizzlin Corp. on Tuesday, with former Western Sizzlin stockholders receiving a total of $23 million in newly issued debt.

 

The total price equals about $8.07 in principal amount for each former Western Sizzlin share. The new issue of 14-percent redeemable subordinated debentures is due 2015.

 

 

 

Western Sizzlin is the ope

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