Steak n Shake Co. shares shot up 16 percent on Tuesday after a Dallas-based investment group reported it had amassed a nearly 10 percent stake in the company and plans to open talks on strategy, such as an acquisition or other "potential transactions to maximize shareholder value."
Affiliates of HBK Investments LP made the disclosures in a filing with the Securities and Exchange Commission. The firm said it did not plan to pursue any transaction unless it was supported by the company's board of directors.
Steak n Shake closed Tuesday at $17.13, up $2.35 on the day. Even with the increase, the stock is down about 3 percent for the year.