Biglari's The Lion Fund Raises Stake in Steak n Shake

In an amended 13D filing after the close Friday on Steak n Shake (SNS), Sardar Biglari's The Lion Fund disclosed they raised their stake in the company to 8.6% (2,446,845 shares). This is up from the 7.3% stake the firm disclosed in a past filing.

Biglari's has been targeting the company, saying they are concerned about the mismanagement by the present board of directors. The firm is nominating Sardar Biglari and Dr. Philip L. Cooley to the company's board of directors.

Biglari's fund has had success in the past targeting restaurant companies. One past success was Friendly Ice Cream (FRN), which was acquired at a significant premium to the prices Biglari was involved at.