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 operator or franchisor to the namesake 105-unit steak buffet chain and Steak n Shake is parent to the 468-unit family-dining chain. Both companies are led by well-known activist investor Sardar Biglari.