HBK Investments May Seek Possible Deal with Steak n Shake (SNS)

In a 13D filing after the close on The Steak n Shake Company(NYSE: SNS), HBK Investments and related funds disclosed a 9.5% stake (2,703,726 shares) in the company and said they plan in engaging in discussions with management and the Board of Directors concerning the business and the future plans of the company generally, and with regard to strategies and potential transactions to maximize shareholder value, including potentially exploring an acquisition or other transaction involving HBK.

HBK said it does not intend to engage in any acquisition, offer or other transaction that is not supported by the Board of Directors of the Steak n Shake, or otherwise seek representation on the Board of Directors of Steak n Shake.

From the "PURPOSE OF TRANSACTION' section of the filing:

"The Reporting Persons acquired the shares of SNS Common Stock reported hereunder for investment purposes, and with a view to engaging in discussions with management and the Board of Directors of the Issuer concerning the business and the future plans of the Issuer generally, and with regard to strategies and potential transactions to maximize shareholder value, including potentially exploring an acquisition or other transaction involving the Reporting Persons. The Reporting Persons do not intend to engage in any acquisition, offer or other transaction that is not supported by the Board of Directors of the Issuer, or otherwise seek representation on the Board of Directors of the Issuer. Any future decision of the Reporting Persons with regard to the Issuer or its securities will take into account various factors, including the results of any discussions with management and the Board of Directors of the Issuer, the prospects of the Issuer, general market and economic conditions, the price levels of common stock of the Issuer, and other matters deemed relevant to the Reporting Persons.

The Reporting Persons may, and reserve the right to, change their intentions, acquire additional shares of SNS Common Stock, or dispose of shares of SNS Common Stock, from time to time in the open market, in privately negotiated transactions or otherwise.

Except as referenced above, none of the Reporting Persons nor, to the best knowledge of the HBK Reporting Persons or the Lone Star Reporting Persons, as applicable, any of the Additional HBK Persons or Additional Lone Star Persons,has any plans or proposals that relate to or would result in any of the transactions or changes contemplated in Items 4(a) though 4(j) of Schedule 13D."