Smashburger, a Denver-based burger chain, will expand to about 500 units in the U.S. in the next two to three years and may consider an initial public offering, Chairman and Chief Executive Officer Dave Prokupek said Monday. A U.S. IPO is “definitely a possibility down the road,” Prokupek said. “The idea of good food fast isn’t going to go away anytime soon.” The closely held chain, which has about 200 domestic locations, has been expanding to new cities in the U.S., as well as overseas in markets such as Panama, Canada and Saudi Arabia.
Hedge fund owner Cohen subpoenaed
Steven Cohen has received a subpoena to testify before a grand jury in the government’s insider trading investigation into his hedge fund, SAC Capital Advisors, a development that signals a newly aggressive phase in the multiyear inquiry, according to lawyers and executives briefed on the case. The grand jury subpoena came as part of a broader round of requests from criminal authorities. Other SAC executives were also named in the subpoenas, the lawyers and executives said, and the fund itself received requests for information about its activities. The subpoenas suggested that federal prosecutors and the FBI are intensifying their efforts to build a case, not only against SAC executives, but also the fund itself.
Icahn pressed for details on Dell offer
Dell Inc.’s board reiterated a call for billionaire Carl Icahn to provide more details about his proposal to take over the personal-computer maker, saying it needs more information to discuss his offer. In a letter to Icahn on Monday, the committee of Dell’s board charged with managing the buyout process by its founder said it can’t respond to the financier and won’t engage in talks unless the board decides his bid could result in a “superior proposal” over Chief Executive Officer Michael Dell and Silver Lake Management LLC’s $24.4 billion leveraged-buyout offer.