Unchastened by his unsuccessful proxy fight for a Board seat at Cracker Barrel(CBRL), Biglari Holdings(BH) Chairman and CEO Sardar Biglari has begun aggressively purchasing Cracker Barrel stock once again. Biglari had been held to 9.9% by a rights plan which was voted down by shareholders at the annual meeting in December. Free to acquire...
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If it looks like a duck and quacks like a duck, it might just be Sardar Biglari playing dress up. In his continuing effort to pretend to be Warren Buffett, Biglari Holdings(BH) announced this morning that its Board Of Directors had approved a 1-15 reverse stock split. This follows a previous 1-20 reverse split,...
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Image by c r i s via Flickr Two days after sending a letter to the Fremont Michigan Insuracorp(FMMH.OB) board reiterating its $29 cash offer, Biglari Holdings(BH) issued a press release this evening, increasing its offer to $31 per share in cash. Though it was disclosed that the companies had met on December 1,...
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Last year, before engaging in a prolonged exercise(still not complete) in executive compensation, Bilgari Holdings(BH) made a $24.50 cash and stock bid for Fremont Michigan(FMMH). The bid was almost immediately rejected by Fremont, which then lobbied successfully to have a Michigan law passed making a transaction far more difficult. After many months of silence,...
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Image via Wikipedia Steak N Shake(SNS) has posted the annual letter from Chairman Sardar Biglari. Biglari has made great progress with the company since taking over, swinging from a loss of $23 million in 2008 to a profit of $6 million in 2009. The capital structure has been greatly strengthened. After beginning the year...
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The Steak N Shake Company(SNS) filed an 8-k this afternoon disclosing that it has amended its credit agreement to “permit the Company to use up to $10.0 million of surplus cash to make investments of any lawful nature, so long as no event of default exists.” In addition, the Company has granted “Chief Executive...
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