Steak n Shake Merger Prompts Legal Investigation from Western Sizzlin Shareholders
Law offices of Howard G. Smith announces investigation on behalf of shareholders of Western Sizzlin Corporation.
-- Chain Leader, 8/14/2009 8:57:00 AM
PRESS RELEASE: BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Western Sizzlin Corporation ("Western" or the "Company")(Nasdaq:WEST), related to a proposed merger of Western into a wholly-owned subsidiary of The Steak n Shake Company ("SNS") in a transaction valued at approximately $22.9 million.
Under the terms of a non-binding Letter of Intent executed by the parties, on or prior to closing of the transaction Western will distribute to its stockholders all of the SNS shares beneficially owned by Western. At closing, each share of Western's common stock would be converted into the right to receive an amount equal to approximately $8.11 in the principal amount of debentures issued by SNS. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the proposed merger.
If you own shares of Western Sizzlin Corporation, and you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.
