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 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 »
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 »