The clout of the activist shareholder continues to grow beyond the high-profile names of William Ackman and Nelson Peltz, who publicly agitated McDonald’s and Wendy’s for years. This month alone two well-known hedge fund investors, Sardar Biglari, head of The Lion Fund LP and chairman of family-dining company Western Sizzlin Corp., and Eric Rosenfeld, head of Crescendo Partners LP, scored victories for disgruntled investors at Steak n Shake and O’Charley’s, ...

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