SAN ANTONIO, TX, June 5, 2015 /PRNewswire/ -- On June 4, 2015, The Lion Fund II, L.P. ("The Lion
Fund II") commenced a tender offer to purchase for cash up to
575,000 shares of the common stock of Biglari Holdings Inc.
("Biglari Holdings" or the "Company") at a purchase price of
$420.00 per share. Affiliates
of The Lion Fund II beneficially own approximately 19.6% of the
outstanding shares of Biglari Holdings' common stock.
The Company's Governance, Compensation and Nominating Committee
(the "Governance Committee") of the board of directors will make a
recommendation to the full board concerning the tender offer.
The members of the Governance Committee are all independent
directors of the board.
NOTICE TO SHAREHOLDERS
The tender offer proposed by The Lion Fund II referred to in
this release has commenced. Biglari Holdings will file a
Solicitation/Recommendation Statement on Schedule 14D-9 with the
SEC within 10 business days from the date of the commencement of
the tender offer. Shareholders of Biglari Holdings are strongly
advised to read the Solicitation/Recommendation Statement because
it will contain information the Company believes should be
considered by its shareholders in evaluating the tender offer.
Biglari Holdings requests that its shareholders defer making
a determination whether to accept or reject the tender offer until
they have been advised of the position of the Company.
Shareholders may obtain the Solicitation/Recommendation
Statement (when it becomes available) and any other materials filed
by Biglari Holdings Inc. with the SEC at the SEC's web site,
www.sec.gov. Shareholders may also obtain, without charge, a
copy of the Solicitation/Recommendation Statement and other
materials (if and when they become available) by directing a
request to Biglari Holdings Inc., 17802 IH 10 West, Suite 400,
San Antonio, Texas 78257.
About Biglari Holdings Inc. (NYSE: BH)
Biglari Holdings Inc. is a holding company owning, subsidiaries
engaged in a number of diverse business activities, including
media, property and casualty insurance, as well as restaurants. The
Company's largest operating subsidiaries are involved in the
franchising and operating of restaurants. The Company also owns
interests in The Lion Fund II and in funds affiliated with The Lion
Fund II.
Forward-Looking Statements
This news release may include "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and other federal securities laws. These statements are
based on current expectations and are subject to a number of risks
and uncertainties that could cause actual results to differ
markedly from those projected or discussed here. Biglari Holdings
cautions readers not to place undue reliance upon any such
forward-looking statements, for actual results may differ
materially from expectations. Biglari Holdings does not update
publicly or revise any forward-looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized. Further
information on the types of factors that could affect Biglari
Holdings and its business can be found in the Company's filings
with the SEC.
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SOURCE Biglari Holdings Inc.