Steak ‘n Shake to purchase Western Sizzlin

Indianapolis Steak ‘n Shake Co. and Western Sizzlin Corp. plan to merge, with Western Sizzlin set to become a subsidiary of Steak ‘n Shake. The net transaction value payable to Western Sizzlin shareholders is about $23 million. The deal still is subject to shareholder approval. Both companies said the terms were negotiated between special board committees made up entirely of independent directors.

Steak ‘n Shake operates 486 restaurants, the majority of which are company-owned. Western Sizzlin has about 100 restaurants, nearly all franchised.