Determines not to proceed with Jack in the Box Exchange Offer
ROANOKE, Va., Nov. 19 // PRNewswire-FirstCall // -- Western Sizzlin Corporation (NASDAQ: WEST) today announced that it intends to make repurchases of its common stock under its previously announced stock repurchase program. The program authorizes Western to repurchase up to 500,000 shares of its common stock, with the timing, price and volume of purchases to be determined by management based on market conditions, relevant securities laws and other factors. Any stock repurchases may be made from time to time on the open market or in privately negotiated transactions.
Western also has determined not to proceed with an exchange offer for up to 680,500 shares of Jack in the Box Inc. (NYSE: JBX) at this time and has accordingly filed a request with the SEC for withdrawal of the related registration statement.
Western Sizzlin Corporation is a holding company owning subsidiaries engaged in a number of diverse business activities. Western's primary business activities are conducted through Western Sizzlin Franchise Corporation and Western Sizzlin Stores, Inc., which franchise and operate 116 restaurants in 19 states. Financial decisions are centralized at the holding company level, and management of operating businesses is decentralized at the business unit level. Western's primary objective centers on achieving above-average returns on capital in pursuit of maximizing the eventual net worth of its stockholders.
This news release may include "forward-looking statements" within the meaning of the federal securities laws. These statements concerning anticipated future results are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Western Sizzlin Corporation cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Further information on the types of factors that could affect the Company can be found in the Company's filings with the SEC.