Activist investor calls for change at Biglari Holdings

Activist investor calls for change at Biglari Holdings

Groveland Capital seeks to end license agreement, add compensation oversight

Activist investor Groveland Capital sent a letter to Biglari Holdings Inc. shareholders Thursday, making a series of recommendations to the Steak ’n Shake owner that includes ending a controversial license agreement and additional oversight of chairman and CEO Sardar Biglari’s compensation.

The Minneapolis-based investment fund’s recommendations are designed to improve the company’s corporate governance.

“We believe that good corporate governance practices can drive si

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