The Steak n Shake Company Proposes to Acquire Fremont Michigan InsuraCorp, Inc. for $24.50 Per Share in Cash and Stock
The Steak n Shake Company (NYSE:SNS) announced today its intent to acquire 100% of the issued and outstanding shares of common stock of Fremont Michigan InsuraCorp, Inc. (OTC:FMMH.OB) (BULLETIN BOARD: FMMH.OB) that it does not already own, through an appropriate acquisition entity for $24.50 per share. 50% of the Purchase Price would be paid in cash, and 50% would be paid in shares of the common stock of Steak n Shake
Stockholders of Fremont would be given an opportunity to elect to receive the Purchase Price in cash, shares of Steak n Shake, or a combination thereof, so that the consideration will be subject to proration if the elections do not equal 50% cash and 50% stock. The offer is not subject to any financing contingency. The offer price represents an 11.3% premium to today's closing price of Fremont's common stock.
Steak n Shake is filing for regulatory approval from the Michigan Office of Financial and Insurance Regulation.
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