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Proxy fight at Steak n Shakes ends

INDIANAPOLIS, June 20 (UPI) -- A proxy fight over directorship of Steak n Shake Co. ended with the board of directors appointing Texas investor Sardar Biglari as its new chairman.

Biglari began buying shares of the restaurant a year ago, The Indianapolis Star reported Friday.

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He joined the Steak n Shake board in March, after a yearlong campaign in which he told shareholders he could get the company back on track.

The first tasks he will tackle, he said, are to help the board find chief executive officer and "close the gap between Steak n Shake's intrinsic business value and its stock price, which we believe considerably underrates that value."

Biglari replaced interim Chairman Wayne Kelley, who will keep his position as interim CEO until a replacement is found, the Star reported.

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