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BH

Biglari Holdings Inc.

5/22/2013, 6:39 AM ET

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Friday, February 15, 4:58 PM Cracker Barrel (CBRL +2.1%) confirmed it offered to buy out Biglari Holdings' (BH +2.1%) stake at market price (~$300M) to avoid the expense and distraction of a third potential proxy battle. But Sardar Biglari, owner of a ~19% stake and has unsuccessfully fought to gain a seat on CBRL's board, rejected the notion, saying he intends to be a long-term shareholder. Comment! [Consumer]
Tuesday, October 9, 2012, 12:12 PM Biglari Holdings (BH +0.2%) plans to take its Steak n Shake restaurant chain to the United Arab Emirates with 40 new outlets slated to open in Dubai next year. The expansion will mark the company's first foray outside of the U.S. where restaurants are primarily located in the Midwest and South. Comment! [Consumer]
Tuesday, September 25, 2012, 6:30 PM Biglari Holdings (BH) issues a statement in response to allegations made by the FTC regarding the settlement reached in BH's acquisition of shares of Cracker Barrel Old Country Store (CBRL). BH says it filed for Hart-Scott-Rodino approval concerning its purchase of shares of CBRL, and received FTC clearance in September 2011, and and promptly disclosed all purchases in the marketplace fully and promptly. Furthermore, it didn't nominate any directors to the Board until after the Hart-Scott-Rodino forms had been filed. Comment! [Consumer, M&A]
Thursday, April 19, 2012, 8:23 AM Biglari Holdings (BH) issues a letter to Cracker Barrel (CBRL) shareholders, calling for removal of the restaurant chain's chairman and several others from its board. A major reason for CBRL's problems is Chairman Michael Woodhouse, the letter says: "He has been most responsible for putting the Company in a deplorable condition of distended bloat." Biglari owns 17% of CBRL. Comment! [Consumer]
Tuesday, April 10, 2012, 11:58 AM Cracker Barrel (CBRL -0.2%) rolls out a new poison pill to guard against hostile takeover attempts, adding a provision that would take effect if any shareholder takes a 20% stake in the restaurant chain. CNRL's move a year after shareholders rejected a 10% trigger is another attempt to make itself less tasty to large shareholder Biglari Holdings (BH). Comment! [Consumer]
Monday, December 12, 2011, 8:45 AM Management of Cracker Barrel (CBRL) sends a letter to shareholders asking for their support for board nominees and in rejecting a bid (I, II) from Biglari Holdings to take control of the firm. The note from CEO Sandra Cochran claims that shareholders of Steak 'n Shake (BH) came out on the losing end of Biglari's takeover of that restaurant chain. Comment! [Consumer, M&A]
Tuesday, November 15, 2011, 9:54 AM A SEC filing indicates Biglari Holdings (BH -0.5%) increased its stake in Cracker Barrel (CBRL -0.5%) up to 9.9% as it marches forward with a proxy fight to gain a place on CBRL's board. Comment! [Financials]
Friday, November 4, 2011, 5:07 PM The proxy fight between Cracker Barrel (CBRL) and Biglari Holdings (BH) heats up, with activist investor Sardar Biglari preparing to nominate himself to the company's board at its annual shareholder meeting in December. Cracker Barrel outlines in a company presentation why it opposes Biglari's nomination, saying he's focused on "his own ambitions and undisclosed agenda." (.pdf) Comment!
Thursday, August 25, 2011, 1:20 PM Cracker Barrel (CBRL -3.2%) is lower today after rebuffing a request from activist investor Biglari Holdings (BH -3.3%) to offer a more detailed breakout of its business segments, calling the proposal "neither required nor appropriate." Biglari says the company's failure to segregate its data breaches SEC accounting requirements. Comment! [On the Move]
Friday, June 17, 2011, 12:58 PM Biglari Holdings (BH) - the Berkshire-ish company that counts Steak n Shake and Western Sizzlin in its portfolio - rises 4.1% after its SEC filing showing CEO and chairman Sardar Biglari buying $56,565 worth of shares. CL King's Michael Gallo explains: The purchase at $377.13 is the chairman's first since shares were $300. Comment! [On the Move]