Leading Proxy Advisory Firm ISS Rejects Groveland’s Attempt to Take Control of Biglari Holdings Board
27 March 2015 - 9:42AM
Business Wire
– ISS Recommends that Shareholders vote Biglari
Holdings’ BLUE Proxy Card –
– ISS Recommends NOT to Vote for Any of
Groveland’s Six Nominees –
Biglari Holdings Inc. (NYSE:BH) (“Biglari Holdings” or the
“Company”) today announced that Institutional Shareholder Services
("ISS"), a leading independent proxy voting advisory firm, has
recommended that Biglari Holdings’ shareholders vote on the
Company’s BLUE proxy card and
affirmatively reject Groveland Capital’s attempt to gain control of
the Biglari Holdings Board of Directors.
In its report, ISS states that the dissident slate is
“uncompelling, given a paucity of relevant operating or public
board experience; an inadequately detailed plan for seamlessly
managing the transition and minimizing unintended consequences
should they succeed in ousting all incumbent directors, including
the CEO; and a lead dissident who would be overboarded should he
win election to this board. “
Biglari Holdings strongly urges shareholders to ensure
that Groveland’s nominees do not gain Board control by
submitting their voting instructions on the BLUE proxy card "FOR ALL" of
the Company's nominees to the Board.
If you have any questions, require assistance
with voting your BLUE proxy
card, or need additional copies of the proxy materials, please
contact our proxy solicitor:
OKAPI PARTNERS LLC437 Madison Avenue,
28th FloorNew York, NY 10022(212)
297-0720Shareholders Call Toll-Free at: (877)
279-2311E-mail: info@okapipartners.com
About Biglari Holdings Inc.
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. All major operating,
investment, and capital allocation decisions are made for the
Company and its subsidiaries by Sardar Biglari, Chairman and Chief
Executive Officer.
Risks Associated with 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 which
may concern anticipated future results 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.
Media:Sloane & CompanyElliot Sloane,
212-446-1860esloane@sloanepr.comorDan Zacchei,
212-446-1882dzacchei@sloanepr.com
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