Less than 1 million shares tendered in Western Sizzlin's offer for ITEX; deadline extended

By Lisa Kerner

Charlotte, N.C., Feb. 29 - Western Sizzlin Corp. extended its exchange offer for all of the outstanding shares of ITEX Corp. to 5 p.m. ET on March 26 from Feb. 28.

Some 900,174 shares of ITEX common stock had been tendered at the close of business on Feb. 28, a Western Sizzlin news release stated.

ITEX had recommended its shareholders reject the unsolicited offer of 0.06623 shares of Western Sizzlin common stock for each share of ITEX.

It was previously reported that the board of directors of ITEX believes Western Sizzlin's offer undervalues ITEX and that all exchange offer with an illiquid stock is far too risky.

Based in Bellevue, Wash., ITEX operates a marketplace for cashless business transactions for member businesses in North America.

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