Through an appropriate acquisition entity for $24.50 per share

The Steak n Shake Company said that it plans to acquire 100% of the issued and outstanding shares of common stock of Fremont Michigan InsuraCorp, that it does not already own, through an appropriate acquisition entity for $24.50 per share.

Under the agreement, 50% of the purchase price would be paid in cash while the rest would be paid in shares of the common stock of Steak n Shake.

In addition, stockholders of Fremont would be given an opportunity to elect to receive the purchase price in cash, shares of Steak n Shake, or a combination thereof, so that the consideration will be subject to proration if the elections do not equal 50% cash and 50% stock.

The offer price represents 11.3% premium to closing price of Fremont’s common stock on December 21, 2009.