Lion Fund chews on Steak n Shake

Activist investor Sardar Biglari's Lion Fund, fresh off its shake up of another purveyor of frappes, Friendly Ice Cream Corp., increased its stake in fast-food chain Steak n Shake Co. from 7.3% to 8.6%, according to a Schedule 13D filing with the SEC. Biglari has targeted the company over concerns about board mismanagement.

Shares in Stake n Shake are trading near their 52-week low of $10.15. Earlier in the month, the company reported earnings trouble as same-store sales dropped 3.9% for the recent quarter.

Earlier in the year, Biglari launched an activist campaign against Friendly that ultimately led to the $559.4 million sale of the casual restaurant chain to buyout firm Sun Capital Partners Inc. in June. — Matthew Wurtzel

See filing with the SEC
See story from the Indianapolis Star
See story from SEC Investor
See TheDeal.com: Goldman dines at Friendly's
See TheDeal.com: Friendly fetches $559M

Deal Video

	Inside The Deal: Avaya Inc.'s Mohamad Ali on the company's next target.
More video...

Elsewhere on The Deal.com

Dealwatch

• Confectioners: Cadbury, Hershey, more
• AOL
• Restaurants in the hot seat
• Ponzi schemes, fraud and other misdeeds

The Deal Magazine

• The kids are all right
• The search for auspiciousness
• Be true to your school
• Waiting to exhale

Corporate Dealmaker

• Dell drives in IT services as PC slump deepens
• Proxy prelim: CF wins Terra board seats
• Deal Economy 2010: Avaya's Ali on digesting Nortel
• Disney, Microsoft, Abbott Labs win M&A awards

The Deal Video

• Deal Economy 2010: Centerview's Effron on large deals
• Deal Economy 2010: Bove on Goldman's $500M donation
• Bove's top two candidates for BofA CEO
• PwC's Ross on divestments

Categories

• Bankruptcy
• Corporate restructuring
• Deal international
• Dealmakers
• Featured
• IPOs
• M&A
• Middle market
• Law & regulation
• Private capital
• Conferences
• Technology

Blog roll

• BloggingBuyouts
• BloggingStocks
• Dealbook
• DealBreaker
• Deal Journal
• FT Alphaville
• footnoted.org
• Going Private
• peHUB
• Reuters Dealzone
• SEC Investor
• Prince Of Wall Street
• Bankruptcy Bill
• Information Arbitrage

Archives

• November 2009
• October 2009
• September 2009
• August 2009
• July 2009
• June 2009
• May 2009
• April 2009
• March 2009
• February 2009
• January 2009
• December 2008
• November 2008
• October 2008
• September 2008
• August 2008
• July 2008
• June 2008
• May 2008
• April 2008
• March 2008
• February 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• August 2007
• July 2007
• June 2007
• May 2007
• April 2007
• March 2007
• February 2007
• January 2007
• December 2006
• November 2006
• October 2006
• September 2006
• August 2006
• July 2006
• June 2006
• May 2006
• April 2006
• March 2006
• February 2006
• January 2006
• December 2005