Sardar Biglari conceded nothing after beating back a campaign to oust him and the five other directors of Biglari Holdings Inc., which owns Steak n Shake.
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.
Steak n Shake's parent company quotes longtime director Ruth Person as calling the period before Sardar Biglari took the helm "the scariest of times." But the CEO back then said the burger chain was on solid financial footing.
Biglari Holdings Inc. has won a major legal victory as a separate fight with a dissident shareholder turns personal.
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.
It's not clear whether the settlement Steak n Shake has reached with St. Louis-based Druco Restaurants will give the franchisee more leeway on pricing.
The Humane Society has set its sights on Biglari Holdings, the firm that owns Indianapolis-based Steak n Shake, saying it has ignored requests to adopt animal welfare methods like its competitors.
Officials of the 80-year-old chain believe selling steakburgers in groceries will further extend the Steak n Shake brand.
Under the 20-year deal, Sardar Biglari won’t receive royalties if he remains atop the company. But if he were forced out of for anything but malfeasance, or if it were sold, he’d receive 2.5 percent of sales for five years—a sum that could surpass $100 million.
The Indianapolis-based burger chain has growth plans far afield of its base of operations in the Midwest, intending to open 50 restaurants in the Middle Eastern country.
A federal judge rejected the shareholder’s motion claiming that the offering would enable CEO Sardar Biglari to unfairly increase his ownership in the company. Biglari Holdings is the parent of Indianapolis-based Steak n Shake.
The locally based burger chain filed suit late last month to stop a Denver restaurant owner from operating under its logo in a spat over menu pricing. The franchisee is countersuing.
Three franchise owners filed suit last month against Steak n Shake, including two on the same day, challenging the company’s policy that they say prohibits them from setting their own menu prices.
Another Steak n Shake franchise owner is suing the company over its controversial practice that prohibits restaurants in the chain from setting their own menu prices, even after a federal appeals court sided with a franchisee.