WASHINGTON, Aug. 21, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Western Sizzlin Corporation ("Western Sizzlin" or the "Company") (Nasdaq:WEST) in connection with the Company's proposed merger with The Steak n Shake Company ("Steak n Shake"). Under the terms of the proposed merger, each share of Western Sizzlin stock would be converted into a right to receive approximately $8.11 in the principal amount of debentures issued by Steak n Shake.
The investigation is focused on the potential unfairness of the proposed merger price in light of the fact that Western Sizzlin's stock price has traded well above the price offered in the proposed merger for most of the past year. Indeed, the Company's stock has traded as high as $16.19 as recently as May 2009. The investigation is also focused on the process by which Western Sizzlin's Board of Directors has approved the agreement. In particular, news reports have revealed that a hedge fund owned by Steak n Shake's CEO, Sardar Biglari, owns 33 percent of Western Sizzlin shares and 3.4 percent of Steak n Shake shares.
If you are interested in discussing your rights as a Western Sizzlin shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers. To learn more about Finkelstein Thompson LLP, please visit our web site at www.finkelsteinthompson.com.