The following constitutes Amendment No. 27 (“Amendment No. 27”) to the Schedule 13D filed by the undersigned. This Amendment No. 27 amends the Schedule 13D as specifically set forth.
Item 3.
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Source and Amount of Funds or Other Consideration.
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Item 3 is hereby amended and restated to read as follows:
The aggregate purchase price of the 31,019 Shares owned directly by Sardar Biglari is approximately $11,411,739. The Shares owned directly by Sardar Biglari were acquired with his personal funds.
The aggregate purchase price of the 365,726 Shares owned directly by the Lion Fund I is approximately $105,933,740. Of the Shares owned directly by the Lion Fund I, 21,723 Shares were received in the Lion Fund I’s capacity as a stockholder of WSC pursuant to a special dividend by WSC payable to stockholders of WSC on a pro-rata basis, for no consideration, in accordance with the terms of that certain merger agreement, dated October 22, 2009, by and between WSC and the Issuer (the “Special Dividend”), 758 Shares were contributed to the Lion Fund I by Western Acquisitions, and the remaining Shares were acquired with the working capital of the Lion Fund I.
The aggregate purchase price of the 1,008 Shares held under the 401(k) Plan is approximately $382,272.
The aggregate purchase price of the 463 Shares held under the Non-Qualified Savings Plan is approximately $193,579.
The aggregate purchase price of the 6,661 Shares owned directly by Philip L. Cooley and the 814 Shares owned directly by Philip L. Cooley’s spouse, Sandy Cooley, who shares the same business address as Philip L. Cooley, which he may also be deemed to beneficially own, is approximately $1,525,575. Of the 7,475 Shares beneficially owned by Philip L. Cooley, 6,151 Shares were acquired with Philip L. Cooley’s personal funds, 814 Shares were acquired with his spouse’s personal funds, 25 Shares were acquired with the working capital of BCC and subsequently gifted to Philip L. Cooley, 330 Shares were received pursuant to the Special Dividend and 155 Shares were awarded to Philip L. Cooley in his capacity as a director of the Issuer pursuant to the Issuer’s 2008 Equity Incentive Plan.
The aggregate purchase price of the 616,312 Shares accepted for payment by the Lion Fund II pursuant to the Offer is $258,851,040. The Lion Fund II will fund the purchase of such Shares pursuant to the Offer with working capital and cash received from the Issuer through the sale of limited partnership interests in the Lion Fund II.
Item 4.
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Purpose of Transaction.
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Item 4 is hereby amended to add the following:
On July 2, 2015, the Lion Fund II announced the preliminary results of the Offer to purchase for cash up to 575,000 Shares of the Issuer at a purchase price of $420.00 per Share. The Offer expired at 11:59 p.m., New York City Time, on July 1, 2015.
Based on a preliminary count, the total number of Shares tendered in the Offer was 620,679 Shares, including Shares tendered pursuant to the guaranteed delivery procedure described in the Offer documents. These preliminary results indicate the Offer was oversubscribed. Pursuant to the terms of the Offer, the Lion Fund II elected to increase the number of Shares accepted for payment by 41,312 or 2% of the outstanding Shares. The number of Shares that the Lion Fund II will purchase from each tendering shareholder will be prorated so that the Lion Fund II will purchase a total of 616,312 Shares. The number of Shares expected to be purchased by the Lion Fund II is preliminary and subject to final confirmation.
Item 5.
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Interest in Securities of the Issuer.
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Item 5(a-c) is hereby amended and restated to read as follows:
(a-c) The aggregate percentage of Shares reported owned by each person named herein is based upon 2,065,608 Shares outstanding, which is the number of Shares outstanding as of June 3, 2015, as reported in the Solicitation/Recommendation Statement on Schedule 14D-9 filed by the Issuer with the Securities and Exchange Commission on June 12, 2015.
As of the close of business on July 6, 2015 Sardar Biglari owned directly 31,019 Shares, constituting 1.5% of the Shares outstanding.
As of the close of business on July 6, 2015, the Lion Fund I owned directly 365,726 Shares, constituting approximately 17.7% of the Shares outstanding. By virtue of their relationships with the Lion Fund I discussed in further detail in Item 2, each of BCC and Sardar Biglari may be deemed to beneficially own the Shares owned by the Lion Fund I.
As of the close of business on July 6, 2015, the Lion Fund II owned directly 616,312 Shares, constituting approximately 29.8% of the Shares outstanding. By virtue of their relationships with the Lion Fund II discussed in further detail in Item 2, each of BCC and Sardar Biglari may be deemed to beneficially own the Shares owned by the Lion Fund II.
As of the close of business on July 6, 2015, 1,008 Shares were held under the 401(k) Plan, constituting less than 1% of the Shares outstanding. By virtue of his relationship with the 401(k) Plan discussed in further detail in Item 2, Sardar Biglari may be deemed to beneficially own the Shares held under the 401(k) Plan.
As of the close of business on July 6, 2015, 463 Shares were held under the Non-Qualified Savings Plan, constituting less than 1% of the Shares outstanding. By virtue of his relationship with the Non-Qualified Savings Plan discussed in further detail in Item 2, Sardar Biglari may be deemed to beneficially own the Shares held under the Non-Qualified Savings Plan.
As of the close of business on July 6, 2015, Philip L. Cooley beneficially owned 7,475 Shares, constituting less than 1% of the Shares outstanding, consisting of 814 Shares owned directly by Philip L. Cooley’s spouse that Philip L. Cooley may be deemed to beneficially own and 6,661 Shares Philip L. Cooley owns directly. Sardar Biglari shares with Philip L. Cooley the power to vote and dispose of the Shares beneficially owned by Philip L. Cooley and therefore Sardar Biglari may also be deemed to beneficially own such Shares.
An aggregate of 1,022,013 Shares, constituting approximately 49.5% of the Shares outstanding, are reported by the Reporting Persons in this statement.
On July 1, 2015, the Lion Fund II accepted for payment 616,312 Shares at a purchase price of $420.00 per Share pursuant to the Offer.
By virtue of his relationships with the other Reporting Persons discussed in further detail in Item 2, Sardar Biglari may be deemed to have the sole power to vote and dispose of the Shares beneficially owned by the Reporting Persons, other than the Shares held under each of the 401(k) Plan and the Non-Qualified Savings Plan and the Shares beneficially owned by Philip L. Cooley. Sardar Biglari has sole power to direct the voting of the Shares held under each of the 401(k) Plan and the Non-Qualified Savings Plan. Sardar Biglari shares with Philip L. Cooley the power to vote and dispose of the Shares beneficially owned by Philip L. Cooley.
The filing of this Schedule 13D shall not be deemed an admission that any of the Reporting Persons is, for purposes of Section 13(d) of the Exchange Act, the beneficial owner of any Shares he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: July 6, 2015
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THE LION FUND, L.P.
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By:
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Biglari Capital Corp.
General Partner
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By:
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Sardar Biglari, Chief Executive Officer
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THE LION FUND II, L.P.
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By:
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Biglari Capital Corp.
General Partner
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By:
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Sardar Biglari, Chief Executive Officer
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BIGLARI CAPITAL CORP.
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By:
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Sardar Biglari, Chief Executive Officer
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THE STEAK N SHAKE 401(K) SAVINGS PLAN
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By:
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Steak n Shake Operations, Inc.
Plan Sponsor
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By:
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Sardar Biglari, Chief Executive Officer
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THE STEAK N SHAKE NON-QUALIFIED SAVINGS PLAN
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By:
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Steak n Shake Operations, Inc.
Plan Sponsor
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By:
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Sardar Biglari, Chief Executive Officer
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SARDAR BIGLARI
Individually and as Attorney-In-Fact for Philip L. Cooley
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