Investors grab Steak n Shake stake, explore chain’s future

INDIANAPOLIS —An investor group that includes the parent of Lone Star Steakhouse & Saloon disclosed last month that it had amassed a 9.5-percent stake in family-dining company The Steak n Shake Co. with intentions to “maximize shareholder value” by “exploring an acquisition or other transaction.”

The group’s largest investor is Dallas-based hedge fund HBK Investments LP, with a 7.9-percent holding. The remaining interest is held by Dallas-based L

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