Locals Buying Up Steak n Shake -- And We Don't Mean the Food, Neither

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

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.


All-access pass to the top stories, events and offers around town.

  • Top Stories


All-access pass to top stories, events and offers around town.

Sign Up >

No Thanks!

Remind Me Later >