Texas-based Biglari Holdings Inc., parent company of the Steak n Shake restaurants, has increased its proposal to acquire 100 percent of the issued and outstanding shares of common stock of Fremont Michigan InsuraCorp Inc. to $31 per share in cash.
Biglari Holdings said believes its proposition provides certainty, liquidity, and full and fair value for the shareholders of Fremont, as well as stability for its employees, agents and policyholders.
Biglari made an offer of $29 per share in October. Fremont Michigan has rejected the firm’s unsolicited overtures.
Topics Legislation Michigan
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