Biglari extends offer for Advance Auto shares through Friday

Biglari extends offer for Advance Auto shares

SAN ANTONIO — Biglari Holdings Inc. said Tuesday it has extended an offer to buy up to 1.6 percent of the shares of Advance Auto Parts Inc. from Tuesday until Friday.

Biglari Holdings also disputed Advance Auto’s claim that Biglari failed to notify the New York Stock Exchange about extending its offer. Advance Auto said Friday that the NYSE halted trading of its shares because Biglari failed to immediately tell the exchange or issue a press release it was extending the unsolicited offer, which was expiring.

Advance Auto has recommended against the offer, saying it undervalues the parts company’s stock.

Biglari announced April 30 that it would seek up to 1.4 million shares of Advance Auto at 0.1179 Biglari shares for each Advance Auto share. Biglari said as of Friday, 14,778 Advance shares had been tendered. Biglari indicated it could extend the offer again.

Biglari operates and franchises Steak n Shake and other restaurants and was called The Steak n Shake Co. until taking the name of its CEO, Sardar Biglari, in April. It is based in San Antonio.

In trading Tuesday, Biglari shares fell $9.41, or 3.1 percent, to $294.69, while Advance Auto shares lost $1.39, or 2.7 percent, to $50.37.