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BH vs BTBD

Biglari Holdings Inc. Class B Common Stock and BT Brands, Inc. Common Stock

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Biglari Holdings Inc. Class B Common Stock

Biglari Holdings Inc., through its subsidiaries, primarily operates and franchises restaurants in the United States. It owns, operates, and franchises restaurants under the Steak n Shake and Western Sizzlin names. The company also engages in underwriting commercial truck insurance, including selling physical damage and non-trucking liability insurance to truckers; and property and casualty insurance and reinsurance. In addition, it operates oil and natural gas properties offshore in Louisiana state waters and in the Permian Basin; and publishes, licenses, and sells magazines under the MAXIM and Maxim brand names. Further, it engages in the investment activities. The company was formerly known as The Steak n Shake Company and changed its name to Biglari Holdings Inc. in April 2010. Biglari Holdings Inc. was founded in 1934 and is based in San Antonio, Texas.

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BT Brands, Inc. Common Stock

BT Brands, Inc. owns and operates fast-food restaurants in the north central region of United States. The company operates Burger Time restaurants that offer various burgers and other food products, such as chicken sandwiches, pulled pork sandwiches, chicken tenders, chicken chunks, sides, and soft drinks located in Minnesota, North Dakota, and South Dakota. It also operates Bagger Dave's Burger Tavern, Inc. restaurants that provide burgers, pizzas, fries, beers, milkshakes, salads, and other items located in Michigan, Ohio, and Indiana. The company was founded in 1987 and is based in West Fargo, North Dakota.

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