The value of Biglari Holdings shares have slid since the company at Sardar Biglari's behest adopted a dual-class stock structure in May.
A franchisee says Sardar Biglari's devotion to low prices is taking a toll on the customer experience at Steak n Shake.
Sardar Biglari racked up 29 quarters of consecutive same-store sales gains before the current cold streak hit.
Sardar Biglari, CEO of the investment company that owns Indianapolis-based Steak n Shake, is expected to become editor-in-chief of Maxim, according to a report by Politco, taking control after a high-profile effort to revamp the magazine proved unsuccessful.
Sardar Biglari fielded questions from shareholders until they ran out of things to ask. He talked about the smallest details of the company’s businesses, from the way Steak n Shake makes its milkshakes to the number of ad pages its men’s magazine, Maxim, sells.
The parent of Steak n Shake has disclosed the vote tally from the April 9 annual meeting, where all six incumbents won re-election.
A Minnesota-based investment group that for months has been waging a campaign to oust Sardar Biglari from atop Steak n Shake’s parent company weathered a resounding defeat Thursday afternoon.
Groveland Capital, which wants to oust Sardar Biglari, failed to get support from the influential advisory firm Institutional Shareholder Services. But ISS agreed Biglari Holdings has serious governance problems.
Groveland Capital, which owns shares in Steak n Shake parent Biglari Holdings Inc., says it is offering to withdraw its slate of directors if Biglari’s board adopts the governance demands it has submitted.
Minneapolis-based Groveland Capital LLC has filed notice that it will seek to replace Sardar Biglari and Biglari Holdings Inc.’s other five directors with its own nominees at the company’s annual meeting.
The Indianapolis-based burger chain’s smaller annual profit resulted from an ongoing effort to increase the company’s number of franchised restaurants, with plans to open units as far away as the Middle East.
The case involves an Illinois franchisee of Steak n Shake that successfully sued the company over its mandatory menu and pricing policies. The company’s appeal is set to be heard Wednesday by a federal appeals court in Chicago.
Cracker Barrel Old Country Store Inc. has rejected Biglari’s request that directors appoint him and business partner Phil Cooley to the board. It also has rolled out a “poison pill” plan that would deter outside investors from taking over the business without negotiating with the board first.
Biglari Holdings began scarfing up Cracker Barrel shares in March and now has amassed a 9.8-percent stake worth $109 million.