Public Companies

Steak n Shake slashes restaurant spending as CEO hoards cash

January 2, 2010
Cory Schouten
From 1999 to 2008, Steak n Shake Co. spent an average of $55 million a year to add dozens of restaurants and buy equipment for existing ones. In 2009, the locally based chain spent just $5.8 million.
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PROXY CORNER: Duke Realty Corp.

December 26, 2009
Duke Realty Corp. is a real estate investment trust that develops, manages and owns industrial, office and retail properties across the Midwest and Southeast.
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Omnicity continues wireless broadband acquisition spree

December 24, 2009
Chris O'Malley
Omnicity makes seventh acquisition since going public in February. The Rushville company aims to be nation's largest wireless broadband provider in rural markets.
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Insurance company rejects Steak n Shake takeover bid

December 23, 2009
Cory Schouten
A small Michigan insurer has rejected an acquisition bid from The Steak n Shake Co., describing the offer as a "hostile takeover attempt."
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Cash-flush Finish Line likely to open new stores

December 23, 2009
Scott Olson
With an improved balance sheet and $150 million in its pocket, the athletic-gear retailer is looking at new locations and improving its online shopping hub.
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Finish Line profit exceeds analyst expectations

December 22, 2009
 IBJ Staff
The Finish Line Inc. barely eked into the black in its fiscal third quarter, but even that exceeded analysts’ expectations.
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Conseco raises nearly $223 million in stock offering

December 22, 2009
 IBJ Staff
The Carmel-based life and health insurer immediately applied $161 million of the funds to its bank loans.
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UPDATE: Steak n Shake turning away from core business

December 22, 2009
Cory Schouten
The Steak n Shake Co. is taking a dramatic turn away from its core business with a bid to purchase a Michigan insurer in a deal valued at almost $37 million.
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BREAKING: Steak n Shake offers to acquire Michigan insurer

December 22, 2009
Cory Schouten
The Steak n Shake Co. has offered to acquire all of the outstanding shares of Fremont Michigan Insuracorp Inc. in a deal that could be worth almost $37 million.
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Smulyan signs new contract to lead Emmis

December 21, 2009
Anthony Schoettle
Jeff Smulyan agrees to terms on a new three-year contract to lead Emmis. Signing and performance bonuses could lead to big pay raise.
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Lilly pays $90 million for autoimmune drug

December 21, 2009
 IBJ Staff
By acquiring an experimental medicine for rheumatoid arthritis, the Indianapolis-based drugmaker is increasing its focus on autoimmune diseases.
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UPDATE: Steak n Shake plan makes 'perfect sense' to investment pro

December 15, 2009
Scott Olson, Cory Schouten
The Steak n Shake Co.’s unusual plan to initiate a reverse stock split has the support of at least one local investment adviser, if in fact the company’s CEO is attempting to model it after Warren Buffett’s holding company, Berkshire Hathaway.
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Steak n Shake plans 20-1 reverse stock split

December 15, 2009
Cory Schouten
The Steak n Shake Co., in an unusual gambit, plans to initiate a reverse stock split that would reduce its number of shares outstanding from almost 29 million to just 1.4 million and boost its per-share price from roughly $12 to $240.
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PROXY CORNER: Calumet Specialty Products Partners

December 12, 2009
 IBJ Staff
Calumet Specialty Products Partners LP processes crude oil into lubricating oils, solvents and waxes, as well as into gasoline, diesel and jet fuel.
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Lilly launching new venture capital fund

December 10, 2009
J.K. Wall
The fund would acquire experimental drugs and use Lilly R&D staff to try to prove their effectiveness, perhaps boosting Lilly's drug pipeline.
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UPDATE: Simon stock jumps on $2.3B acquisition

December 8, 2009
Cory Schouten
Adding the 22-mall portfolio of Baltimore-based Prime Outlets will give Simon a total of 63 outlet malls with more than 25 million square feet of space.
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Simon buying Prime Outlets in $2.3B deal

December 8, 2009
Cory Schouten
Simon Property Group Inc. is doubling down on outlet malls with an agreement to buy Baltimore-based Prime Outlets, a privately held firm that owns 22 of the giant properties.
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Ariad asks court to restore patent-suit win against Lilly

December 8, 2009
 IBJ Staff
A federal appeals court will decide whether Eli Lilly and Co. must pay $65.2 million in damages, plus royalties, over a drug-patent claim.
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Calumet selling 3 million shares in secondary offering

December 8, 2009
Calumet Specialty Products Partners LP is selling 3 million shares of common stock to pay debt and to finance requirements of an agreement with another company.
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Asking price for Hilbert estate drops below $10M

December 7, 2009
Andrea Muirragui Davis
After more than four years on the market, the Carmel estate built for Conseco Inc. founder Stephen Hilbert is listed at $9.9 million—less than half of the original asking price and a third of the $30 million it was estimated to be worth in 2001.
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Cummins to lay off 400-plus workers in New York

December 2, 2009
Andrea Muirragui Davis
Columbus engine maker Cummins Inc. will idle at least 400 workers at a manufacturing facility in Jamestown, N.Y., because of a change in emission standards that will cut production from 500 engines a day to 100.
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Express Scripts closes $4.7B deal to buy WellPoint pharmacy unit

December 1, 2009
 IBJ Staff
St. Louis-based Express Scripts Inc. has completed its $4.7 billion acquisition of WellPoint Inc.’s pharmacy benefits management business, the company said Tuesday.
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PROXY CORNER: Brightpoint Inc.

November 28, 2009
 IBJ Staff
Brightpoint Inc. provides worldwide distribution and integrated logistics services to the wireless communications industry.
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Biglari was persistent in pressing Western Sizzlin deal

November 23, 2009
Greg Andrews
Steak n Shake CEO Sardar Biglari proposed buying Western Sizzlin in January and again in May and advocated the unusual structure of the $39 million transaction.
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PROXY CORNER: Noble Roman's Inc.

November 14, 2009
 IBJ Staff
Noble Roman’s Inc. sells and services franchises for non-traditional and co-branded food service operations under the trade name Noble Roman’s Pizza.
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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

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