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 »
As reported previously, Berkshire Hathaway(BRK-B,BRK-A) announced its intention on August 25, 2010 to propose to Wesco(WSC) that it purchase the 19.9% of Wesco it did not already own. This morning, at long last, the two companies have announced a definitive merger agreement. Wesco shareholders will be able to elect cash or stock at what seems like a negligible… Read More »
Image via Wikipedia At the risk of this blog devolving into a single stock focus, we once again write today about the long saga of Biglari Holdings'(BH) pursuit of Fremont Michigan Insuracorp(FMMH). Having run out, apparently, of tips on safe driving to issue press releases about, Fremont’s special committee finally got around to issuing a press release acknowledging… 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 »
Image via Wikipedia Consolidated Tomoka(CTO) was the first stock we discussed at Inelegant Investor back in 2006. The price was higher back then, not surprising given the company’s primary asset is Florida real estate. That said we think it’s very cheap currently and have bought more in the past six months. Chris at Navigating Markets agrees, and has,… Read More »
First Marblehead(FMD), which we wrote about several years ago when securitizations were still possible and the stock price was far higher, has muddled its way through the financial crisis. Cash-rich, but still without any significant traction in its core business, the company announced it will be buying the tuition management systems business of KeyBank, for $47,250,000 in cash.… Read More »
Image via Wikipedia Li Lu, thought by many to be Warren Buffett’s successor as investment manager at Berkshire Hathaway has decided to stay at his own hedge fund, Buffett said. In the wake of today’s surprise announcement that Todd Combs would be joining Berkshire as investment manager, New York Times’ Andrew Ross Sorkin spoke to Buffett: One person… Read More »
In a move that is sure to stun even the most ardent Warren Buffett watchers, Berkshire Hathaway(BRKA,BRKB) announced today that they have hired Todd Combs to “handle a significant portion of Berkshire’s investment portfolio” as an investment manager. Mr. Combs, who has heretofore been largely unknown, has been managing a hedge fund for Castle Point Capital for the… Read More »