UPDATE 1-Biglari sweetens bid for Fremont Michigan

Thu Dec 30, 2010 6:26pm EST

* Raises offer by $2/shr

* New $31/shr offer at 19 pct premium

Dec 3O (Reuters) - Restaurant-chain operator Biglari Holdings Inc (BH.N) raised its offer to buy out Fremont Michigan InsuraCorp Inc FMMH.OB by $2 per share.

The new offer, at $31 per share, is at a premium of 19 percent to Fremont's Thursday close of $26 on the Bulletin Board.

In October, the company made a bid at $29 a share for the insurer, in which it owned about 10 percent. [ID:nSGE69A17V]

The operator of Steak n Shake chains had first offered to buy Freemont last December for $24.50. [ID:nSGE5BM0KU].

Biglari shares closed at $420.25 on Thursday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Unnikrishnan Nair)

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