INDIANAPOLIS Steak n Shake Co. and Western Sizzlin Corp., two restaurant companies led by one-time activist investor Sardar Biglari, plan to merge, with Western Sizzlin set to become a subsidiary of Steak n Shake, the companies said Thursday. The net transaction value payable to Western Sizzlin shareholders is about $23 million. The deal still is subject to shareholder approval, and neither company had filed as of press time any deal materials or proxy information. Steak n Shake, based here, ...

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