PMIC Penn miller to be acquired

[Junto]

Penn Miller to be acquired is another win for Biglari http://bit.ly/prtw6U

[Frozen Tundra]

What was Biglari's cost basis on PMIC?

[Christopher1]

Around 14,5$/share

 

416,598 shares for an aggregate purchase price of 6,050,000$, as usual 50/50 The Lion Fund/Biglari Holdings

 

http://www.sec.gov/Archives/edgar/data/1334426/000092189511000896/sc13d07428007_04292011.htm

[gfp]

This was a pleasant surprise this morning.  They had announced they were exploring strategic alternatives but I wasn't expecting something so close to book so quickly.  I wonder why Ace wants this at this price?

 

I think we have Brad Radoff to thank much more than Sardar on this one.  Brad's been in there talking with management for a lot longer.