Western Sizzlin to buy back up to 500,000 shares, terminates exchange offer with Jack in the Box

By Lisa Kerner

Charlotte, N.C., Nov. 19 - Western Sizzlin Corp. said it plans to repurchase up to 500,000 shares of its common stock under its previously announced stock repurchase program.

The timing, price and volume of purchases have yet to be determined, according to a Western Sizzlin news release.

Western Sizzlin also announced that it will not proceed with an exchange offer for up to 680,500 shares of Jack in the Box Inc. and has filed a request to withdraw the related registration statement with the Securities and Exchange Commission.

In October, Western Sizzlin, a Roanoke, Va., holding company, said a regulatory compliance condition is the reason it terminated its exchange offer for up to 1.2%, of Jack in the Box's stock.

As previously reported, the exchange ratio for the offer was 1.607 Western Sizzlin shares for each Jack in the Box share.

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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