Jack in the Box waits to comment on Western Sizzlin's proposed exchange offer

By Angela McDaniels

Tacoma, Wash., Oct. 7 - Jack in the Box Inc. said it will not comment on Western Sizzlin Corp.'s plans to hold an unsolicited exchange offer for the company's stock until Western Sizzlin files an S-4 with the Securities and Exchange Commission for the offer.

Western Sizzlin plans to offer to exchange up to 680,500 shares, or 1.2%, of Jack in the Box's common stock for shares of Western Sizzlin's common stock.

The exchange ratio for the offer will be 1.607 Western Sizzlin shares for each Jack in the Box share. Based on Friday's closing prices, the deal represents a value of $22.66 per Jack in the Box share.

Western Sizzlin, a holding company based in Roanoke, Va., said the exchange offer requires stockholder and regulatory approval and will not be conditioned on any minimum number of Jack in the Box shares being tendered.

Jack in the Box is a San Diego-based restaurant company that operates and franchises Jack in the Box and Qdoba Mexican Grill restaurants and operates Quick Stuff convenience stores.

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