Western Sizzlin Discloses ITEX Offer Amendment
Corp. (WEST), engaged in the operations of restaurants, reported it
has amended its exchange offer for ITEX Corporation (OTCBB:ITEX).
The new offer is for up to 2,700,000 shares of ITEX common stock, at
the same exchange ratio of one share of ITEX common stock, for
.06623 shares of Western common stock. The exchange offer is
scheduled to expire on Wednesday, March 26, 2008, unless extended.
January 29, 2008, Western Sizzlin offered $16.4 million to acquire
Bellevue (WA)-based ITEX. Western Sizzlin said that the offer price
was higher than the current market value of $14.2 million and
representing a premium of 16% of ITEX stock.
also noted that the combination of both companies would increase the
barter volume of ITEX through its other subsidiaries, reduce
redundant public company costs, and provide financing for other
As a result of
its amended offer, Western has eliminated some significant
conditions to the offer such as 60% of ITEX�s shares being validly
tendered in the exchange offer and not withdrawn, Western being
satisfied in its reasonable discretion that the Nevada anti-takeover
statutes will not be applicable, the expiration or termination of
any waiting periods under applicable antitrust laws, the receipt of
all required consents under the terms of ITEX�s debt agreements, and
stockholder approval of the issuance of Western shares in the offer.
terms and conditions of the amended exchange offer are set forth in
the amended registration statement and the other offering documents
filed by Western Sizzlin with the SEC.
Thursday�s regular trading session at $15.01, down $1.24 or 7.63%.
ITEX closed Thursday�s regular trade at $0.97, down a penny or