Three Biglari Holdings Inc (BH) Insiders Buy Shares Under Subscription Rights Offering

Three insiders at Biglari Holdings Inc (NYSE:BH) has recently acquired shares of the company, according to data from the Securities and Exchange Commission’s Edgar System. On August 18, Philip Cooley, a director on the company’s Board, acquired 83 shares of the company at a price of $250 apiece. The securities have been bought by the insider and his spouse under the terms of oversubscription priveleges in connection with the company’s subscription rights offering. Under the same rights, the chairman and CEO of Biglari Holdings Inc (NYSE:BH), Sardar Biglari, purchased 3,859 shares, while another director, Kenneth Cooper, bought 299 shares.

Among the shareholders of Biglari Holdings Inc (NYSE:BH) is Mario Gabelli‘s GAMCO Investors, which disclosed ownership of around 99,600 shares of the company as of the end of June. Another one is David E. Shaw‘s D.E. Shaw which owns close to 15,500 shares, according to its latest 13F filing. Both Gabelli and Shaw decreased their funds’ exposure to Biglari Holdings Inc (NYSE:BH) by around 1% during the second quarter.

Moreover, as we reported around a month ago, Daniel S. Och’s OZ Management became a shareholder with a significant stake in Biglari Holdings Inc (NYSE:BH). OZ Management acquired in August around 138,000 shares of the company, which gave the fund ownership of over 8% of Biglari Holdings’ outstanding stock.

Biglari Holdings Inc (NYSE:BH) owns several subsidiaries which are engaged in different business activities. The company posted weaker financial results during the last quarters, which caused its stock to drop by more than 30% since the beginning of the year. For the fiscal third quarter of 2014, Biglari Holdings Inc (NYSE:BH) reported net earnings of approximately $9.59 million, which is significantly below $106.7 million posted for the same period of last year. In the second quarter, the company had a net loss of $5.80 million, versus a profit of $2.18 million in the same period of 2013.

Disclosure: none