Biglari Holdings Acquires 3.4 Percent Stake in Ferretti
Biglari Holdings acquired a 3.4 percent stake in Ferretti Group. The move comes as Czech firm KKCG prepares a tender offer for the Italian luxury yacht maker.
Biglari Holdings Inc., an investment firm based in the United States, has announced the acquisition of a 3.4% stake in the luxury yacht manufacturer Ferretti Group. This move comes as the Italy-based company becomes the subject of a partial tender offer from another European investment group.
The firm, founded by entrepreneur Sardar Biglari, expressed its pride in joining the yachting sector's unique platform through this investment.
"Ferretti Group represents a unique platform in the luxury yachting sector, and Biglari Holdings is proud to hold an investment in the company."
Simultaneously, the Czech Republic-based investment group KKCG is preparing to launch a bid on March 16. The offer, valued at approximately 182 million euros ($210.37 million), is intended to double KKCG's existing 14.5% stake and facilitate changes to the company's leadership.
The current board of directors consists of members selected by Weichai Power Co., Ltd., the major investor from China that has held a dominant position in the shipbuilder's governance.
Biglari Holdings Inc. maintains a diverse portfolio, including investments in the energy sector and the Steak 'n Shake restaurant chain. No further details regarding the financial specifics of the Ferretti stake acquisition were disclosed.
