* Raises offer by $2/shr
* New $31/shr offer at 19 pct premium
Dec 3O 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)