On Monday, a group of Dallas investors represented by Crescent Court-based hedge fund HBK Investments L.P. filed with the Securities and Exchange Commission documents in which it was revealed that a bunch of locals were buying up Steak n Shake -- and not their excellent burgers and fries, mind you, but about 10 percent (or $41 million worth) of the Indianapolis-based company's stock. Why for? Well, says the filing: The investors (among them, Lone Star Funds' John Grayken) are "potentially exploring an acquisition or other transaction" involving the popular franchise.
Reports the Indianapolis Business Journal today, "Steak n Shake hasn’t commented publicly on whether it would consider a sale, and an official could not be reached for comment." But its stock has been going up and down and up since the filing -- not by a lot, but perhaps just enough to get folks interested in biting into a little Steak n Shake. Still, for the moment this story's a little medium-rare. --Robert Wilonsky
Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.