Biglari objects to Steak n Shake bylaw change

INDIANAPOLIS Dissident Steak n Shake shareholder Sardar Biglari said Monday he would accept the offer of two board seats for himself and a colleague only if the company drops a bylaw change that limits shareholder powers.

Steak n Shake extended the offer of two board seats to Biglari and his Lion Fund LP colleague Philip Cooley on Jan. 31, the same day the company changed its bylaws to require a special stockholders’ meeting only if holders of 80 percent of shar

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