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 »
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 »
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 Officer, Sardar Biglari, full… Read More »