Western Sizzlin completes exchange offer for ITEX shares

By Lisa Kerner

Charlotte, N.C., May 14 - Western Sizzlin Corp. accepted a total of 873,862 shares of ITEX Corp. common stock that were tendered and not withdrawn in the exchange offer that ended Tuesday.

In a statement released on Wednesday, Western Sizzlin said it will promptly make the exchange of one share of ITEX common stock for 0.06623 of a share of Western common stock.

The exchange offer was for up to 2.7 million shares. It was originally schedule to end on March 26 and was extended first to April 30 and then to May 13, a prior news release stated.

It was previously reported that the ITEX board of directors recommended that shareholders reject the exchange offer, claiming the value of the consideration offered was "uncertain, illiquid and fully dependent on the future value of Western Sizzlin common stock."

On May 1, ITEX announced its board will evaluate strategic alternatives to enhance shareholder value with the assistance of investment bank Montgomery & Co., LLC.

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

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