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Biglari Holdings Begins Exchange Offer For AAP

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Parsad:
BH is trying to buy roughly 1.5M shares of AAP in exchange for SNS shares.  Cheers!

http://finance.yahoo.com/news/Biglari-Holdings-Inc-prnews-3985358287.html?x=0&.v=1

Packer16:
Can someone explain to me the rationale?  Does this mean that Sadar thinks BH valuation is richer than AAP?  I can understand a cash offer (where the yields are low) but I have hard time understanding a stock offer. 

Packer

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