Author Topic: BH - Biglari Holdings  (Read 1167649 times)

accutronman

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BH - Biglari Holdings
« on: August 13, 2011, 11:48:15 AM »
Another good quarter for Sardar especially on realized investment gains.





CassiusKing1

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Re: BH - Biglari Holdings
« Reply #1 on: January 05, 2012, 10:52:10 AM »
Looks like the franchising is finally coming into fruition and will make a impact.

racemize

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Re: BH - Biglari Holdings
« Reply #2 on: January 05, 2012, 10:54:46 AM »
Looks like the franchising is finally coming into fruition and will make a impact.

do you have a source or was there an announcement that I missed?

CassiusKing1

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Re: BH - Biglari Holdings
« Reply #3 on: January 05, 2012, 12:25:09 PM »
Looks like the franchising is finally coming into fruition and will make a impact.

do you have a source or was there an announcement that I missed?
Just in reading Sardar's letter.  He stated that the first Signature store will open in NYC on the 12th.  They have commitments for another 110 units from franchisee's.

dcollon

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Re: BH - Biglari Holdings
« Reply #4 on: April 10, 2012, 12:57:12 PM »
Cracker Barrel Old Country Store, Inc. Adopts Shareholder Rights Plan with 20% Threshold and Qualifying Offer Exception
Tuesday, April 10, 2012 07:00:00 AM


The Board of Directors of Cracker Barrel Old Country Store, Inc., yesterday adopted a shareholder rights plan with a 20% triggering threshold and a qualifying offer exception and declared a dividend distribution of one preferred share purchase right on each outstanding share of Cracker Barrel common stock. The plan does not apply to all-cash, fully financed tender offers open for at least 60 business days and will terminate unless approved by shareholders at the company’s 2012 annual meeting.

Sandra B. Cochran, President and Chief Executive Officer of Cracker Barrel Old Country Store, Inc., stated, “The Board’s action is in response to Biglari Holdings’ continuing open-market acquisition program of Cracker Barrel shares, which has brought current ownership to over 16% and the resulting possibility that Biglari Holdings could accumulate an even more substantial and potentially controlling position in Cracker Barrel through market purchases that do not reflect a control premium offered to all shareholders. Biglari Holdings previously sought and received clearance in September 2011 under the Hart-Scott-Rodino Act to acquire up to 49.99% of Cracker Barrel's common stock. We intend to put this rights plan to a vote of our shareholders at our 2012 shareholder meeting and believe it is important to protect the interests of our shareholders in the near-term.

“Unlike the rights plan that Cracker Barrel adopted in September 2011 with a 10% triggering threshold, and which expired after Cracker Barrel shareholders voted against the plan at the 2011 annual meeting, this new rights plan has a 20% triggering threshold that is fully consistent with the guidelines of Institutional Shareholder Services and that we believe contains the attributes looked for by most leading institutional investors. The shareholder rights plan is designed to assure that all of Cracker Barrel’s shareholders receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against any attempt to gain control of Cracker Barrel without paying all shareholders a premium for that control.”

If a person or group acquires 20% or more of Cracker Barrel’s outstanding common stock, each right will entitle its holder (other than such person or members of such group) to purchase, for $200, a number of Cracker Barrel’s common shares having a market value of twice such price. In addition, at any time after a person or group acquires 20% or more of Cracker Barrel’s outstanding common stock (unless such person or group acquires 50% or more), Cracker Barrel’s Board of Directors may exchange one share of Cracker Barrel common stock for each outstanding right (other than rights owned by such person or group, which would have become void).

The rights would not interfere with all-cash, fully financed tender offers for all shares that remain open for a minimum of 60 business days (“qualifying offers”).

The rights plan is effective immediately and, if approved by shareholders, will expire on April 9, 2015. If shareholders do not approve the rights plan, it will expire upon certification of the vote at the 2012 annual shareholders’ meeting.

Prior to the acquisition by a person or group of beneficial ownership of 20% or more of the Company’s common stock, the rights are redeemable for one cent per right at the option of the Board of Directors.

Certain synthetic interests in securities created by derivative positions - whether or not such interests are considered to constitute beneficial ownership of the underlying common stock for reporting purposes under Regulation 13D of the Securities Exchange Act - are treated as beneficial ownership of the number of shares of the company’s common stock equivalent to the economic exposure created by the derivative position, to the extent actual shares of the company’s stock are directly or indirectly held by counterparties to the derivatives contracts. The dividend distribution will be made on April 20, 2012, payable to shareholders of record on that date, and is not taxable to Cracker Barrel shareholders.


augustabound

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Re: BH - Biglari Holdings
« Reply #5 on: April 14, 2012, 04:03:56 PM »
Found this kind of funny. 
https://twitter.com/#!/SardarBigliar

(To those who don't have Twitter, this isn't actually him, it's a phantom account.  Hence the "i" in the wrong spot in his last name.)  :D
"Serenity now, insanity later." - Lloyd Braun

stahleyp

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Re: BH - Biglari Holdings
« Reply #6 on: April 14, 2012, 08:03:55 PM »
When did he take over Steak n Shake?
Paul

dcollon

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Re: BH - Biglari Holdings
« Reply #7 on: April 19, 2012, 04:02:57 AM »
From 8-k:

On April 19, 2012, Biglari Holdings Inc. (the “Company”) will disclose at its 2012 Annual Meeting of Shareholders that same-store sales and customer traffic of its wholly-owned subsidiary, Steak n Shake Operations, Inc., increased by 4.8% and 5.2%, respectively, during the sixteen weeks ended April 11, 2012.
 

dcollon

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Re: BH - Biglari Holdings
« Reply #8 on: April 19, 2012, 04:30:07 AM »
And the letter (attached) from Sardar to CBRL

bargainman

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Re: BH - Biglari Holdings
« Reply #9 on: April 19, 2012, 05:45:36 AM »
And the letter (attached) from Sardar to CBRL

Interesting:

"We want shareholders who share our owner mentality to support us; only then can we be positioned to implement triumphant, value-maximizing ideas. I pledge in return that Biglari Holdings will not sell a single share of Cracker Barrel stock. If we should decide to do so — again, we have no such plans — we would first issue a press release to notify all shareholders quite far in advance (i.e., minimum of two weeks). In other words, we will not take advantage of you."