San Antonio, TX, July 2, 2015 /PRNewswire/ -- The Lion Fund
II, L.P. ("The Lion Fund II") today announced the preliminary
results of its tender offer to purchase for cash up to 575,000
shares of the common stock of Biglari Holdings Inc. (NYSE: BH) at a
purchase price of $420.00 per share.
The tender offer expired at 11:59
p.m., New York City Time, on July 1,
2015.
Based on a preliminary count, the total number of shares
tendered in the tender offer was 620,679 shares, including shares
tendered pursuant to the guaranteed delivery procedure described in
the tender offer documents. These preliminary results indicate the
tender offer was oversubscribed. Pursuant to the terms of the
tender offer The Lion Fund II elected to increase the number of
shares accepted for payment by 41,312 or 2% of the outstanding
shares of Biglari Holdings Inc. The number of shares that The
Lion Fund II will purchase from each tendering shareholder will be
prorated so that The Lion Fund II will purchase a total of 616,312
shares.
The number of shares of common stock of Biglari Holdings Inc.
expected to be purchased by The Lion Fund II is preliminary and
subject to final confirmation. The final results of the tender
offer will be announced promptly following completion of the
confirmation process. Payment for shares of common stock of Biglari
Holdings Inc. accepted for purchase by The Lion Fund II will be
made promptly in accordance with the terms of the tender. All
shares tendered in the tender offer but not accepted for purchase
will be promptly returned to tendering shareholders.
If shareholders have any questions, please call our Information
Agent, Okapi Partners LLC, by telephone toll free at (877)
629-6357.
Important Notice
The Lion Fund II launched a tender offer for up to 575,000
shares of the common stock of Biglari Holdings Inc. on June 4, 2015, and filed a tender offer statement
on Schedule TO with the SEC, including the offer to purchase and
other related materials. Biglari Holdings Inc. filed a
solicitation/recommendation statement on Schedule 14D-9 with
respect to the tender offer. The offer to purchase shares of
Biglari Holdings' common stock will only be made pursuant to the
Schedule TO and other related materials. Shareholders are urged to
read carefully the Schedule TO and other related materials, as well
as the Solicitation/Recommendation Statement on Schedule 14D-9
filed by Biglari Holdings Inc. Shareholders may obtain free copies
of the Schedule TO, offer to purchase and other related materials,
as well as the Solicitation/Recommendation Statement on Schedule
14D-9, from the SEC's website at www.sec.gov.
Forward-Looking Statements Disclaimer
Certain statements in this letter constitute "forward-looking
statements." Forward-looking statements are statements that are not
historical, including statements regarding management's intentions,
beliefs, expectations, representations, plans or predictions of the
future, and are typically identified by words such as "believe,"
"expect," "anticipate," "intend," "estimate," "predict,"
"potential," "continue," "likely," "plan," "seek," "may," "will,"
"should," "would" and "could." These forward-looking statements are
not historical facts but are the intent, belief or current
expectations of The Lion Fund II based on its knowledge and
understanding of the business and industry, the economy and other
future conditions. These statements are not guarantees of future
performance, and shareholders should not place undue reliance on
forward-looking statements. Actual results may differ materially
from those expressed or forecasted in the forward-looking
statements due to a variety of risks, uncertainties and other
factors, including but not limited to the factors listed and
described under "Risk Factors" in Biglari Holdings Inc.'s most
recent Annual Report on Form 10-K, as filed with the SEC. The
Lion Fund II undertakes no obligation to update or revise the
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results, except as may be required by applicable law.
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SOURCE The Lion Fund II, L.P.