The Steak n Shake Co. (NYSE: SNS) said Monday that it plans to buy all the outstanding shares of Fremont Michigan InsuraCorp Inc. that it does not already own, according to Associated Press.
It said it would pay $24.50 per share, half in cash and half in Steak n Shake stock. Steak n Shake said the offer represents an 11.3 percent premium to Fremont's Monday closing price. Fremont's shares trade over the counter.
Xplosive Stocks, an online financial publication, provides investors timely stock market information.
Sign Up Today for our Free Stock Newsletter
On Tuesday, a day after its announcement, Steak n Shake shares jumped $33.15, or 11.3 percent, to $326.15 in midday trading.
Fremont Michigan InsuraCorp, based in St. Fremont, Mich., sells property and casualty insurance to individuals, farms and small businesses.
Steak n Shake is based in Indianapolis. It said in a Monday statement that it has filed for regulatory approval of the deal with Michigan state insurance regulators.
Sign up for the free Xplosive Stocks newsletter. Investors interested in receiving small cap stock alerts through the penny stock newsletter published by Xplosive Stocks can sign up for free by visiting our website.
About Us
Xplosive Stock is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We focus on Xplosive Stocks and track small cap companies that are on the brink of a financial breakout. To feature a company on our website please contact us at the email listed below.
Please click here to read the full disclaimer.
