M&A
confidence high
sentiment neutral
materiality 0.70
Biglari Holdings acquires $80M preferred shares of Abraxas, gains ~85% voting control
Biglari Holdings Inc.
- Purchased 685,505 Series A Preferred Shares of Abraxas Petroleum for $80 million.
- Ownership results in ~85% beneficial voting control of Abraxas.
- Funded from working capital and cash on hand.
- Transaction closed on September 14, 2022.