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 more Cracker Barrel stock,… Read More »
I hate to pick on the work of an intern, but presumably the value add of a site like MarketWatch is that there is editorial staff. How then did a piece of under 100 words manage to make multiple errors, mislead and add nothing of value? Intern Sara Sjolin clearly began with the premise that Biglari Holdings(BH) move… Read More »
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, and will be followed… Read More »
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, Fremont has not publicly… Read More »
Biglari Holdings(BH) released a letter today, filed with an amended 13-D, reiterating its interest in acquiring Fremont Michigan(FMMH.OB) for $29 per share in cash, and indicated a willingness to discuss a higher transaction value with Fremont’s Special Committee. The Special Committee has been entirely silent since Fremont’s initial offer, watching the stock’s price fall back to significantly below… Read More »
Image via Wikipedia In the latest step in his effort to mimic Warren Buffett, Sardar Biglari of Biglari Holdings(BH) has proposed to create a new, non-voting class of shares, which existing class A shares could be converted to at a rate of somewhere between 20 to 1 and 50 to 1. The disclosure came in an otherwise unremarkable… Read More »
Fremont Michigan Insuracorp(FMMH) issued a terse statement today acknowledging receipt of a letter from Sardar Biglari, CEO of Biglari Holdings(BH) earlier this week, proposing to buy all shares of Fremont that Biglari Holdings does not own for $29 per share. Fremont stated that it has asked a Special Committee of the Board to evaluate the offer, and that… Read More »
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, Biglari Holdings made public… Read More »
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 with just $6.9 million… Read More »
In December, Sardar Biglari was successful in his push for two Board seats at Insignia Systems(ISIG), entering into a standstill agreement with Nick Swenson’s Groveland Capital. You may recall that the Maxim editor-in-chief serendipitously found value in both Insignia and Air-T(AIRT), both companies which Groveland had significant involvement, immediately after Swenson dared to challenge Biglari’s control of the… Read More »