UPDATE: Steak n Shake shareholders OK name change

NEW YORK—Steak n Shake Co. shareholders on Thursday approved changing the parent company’s name to Biglari Holdings
Inc.

As IBJ reported
in February, the company proposed the name change to avoid confusion between the parent company, now a diversified holding
company managed by CEO Sardar Biglari, and its subsidiaries, including Indianapolis-based restaurant chain Steak n Shake Operations
Inc.

The parent company moved its corporate headquarters from Indianapolis to San Antonio last year.

Shareholders OK’d the name change at Steak n Shake’s annual meeting in New York City. Shares will begin trading
under the new name—ticker symbol BH—
on Friday.

Biglari has attracted attention from investors due to a rapid turnaround of the struggling restaurant chain and its conversion
into the holding company. Steak n Shake Co. acquired Western Sizzlin, another chain Biglari controlled, and has made a bid
for a small Michigan insurance company.

Most of the employees of the 75-year-old restaurant subsidiary remain in Indianapolis. The name on the restaurants will not
change.

IBJ is covering the meeting live in New York City. For up-to-the-minute updates, follow IBJNews on Twitter and check back at IBJ.com.

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