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Biglari Holdings Inc. News Release

SAN ANTONIO, TX, Sept. 17, 2013 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH) ("Biglari Holdings" or the "Company") announced the completion of its previously announced rights offering, which expired at 5:00 p.m. ( New York City time) on September 16, 2013. 

Preliminary results indicate that the rights offering was over-subscribed. As a result, Biglari Holdings expects to receive net proceeds of approximately $75.7 million from the offering.

Following the issuance of the newly subscribed shares, which is expected to occur within seven to 10 business days after the expiration date, Biglari Holdings will have approximately 1,720,602 shares outstanding.

If you requested and paid for more shares of common stock than are allocated to you pursuant to your oversubscription privilege, Biglari Holdings will refund that overpayment, without interest. 

About Biglari Holdings Inc.

Biglari Holdings Inc. is a diversified holding company engaged in a number of business activities. Its most important operating subsidiaries are involved in the franchising and operating of restaurants. All major operating, investment, and capital allocation decisions are made by Sardar Biglari, Chairman and Chief Executive Officer, on behalf of the Company and its main operating subsidiaries.

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.

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