By Josh Beckerman
Sardar Biglari and related affiliates reported an increased stake in Jack in the Box and switched to the 13D filing used by activist investors from the 13G filing for passive shareholders.
The disclosure of a 9.98% stake took place over a week after the fast-food chain said it adopted an anti-takeover plan, and said that Biglari Capital informed Jack in the Box that it owned a 9.9% stake and intended to increase its holdings.
Biglari Capital reported in February 2023 that it held 1.07 million shares. That amount, which was consistent in recent quarterly 13F filings, represented a 5.7% stake, according to FactSet.
The investors said in the 13D filing that they "indicated to the Issuer's management that they would not exceed their current ownership of the outstanding Shares unless such investment was welcomed by the Issuer. In response, the Issuer's board of directors (the "Board") unilaterally adopted a poison pill."
They said "In view of the Issuer's action, the Reporting Persons are preemptively filing this Schedule 13D in advance of a scheduled meeting with members of the Board and management."
The investors may possibly make proposals on topics such as potential changes in operations, board composition and capital or corporate structure.
Sardar Biglari is known for investments in Steak 'n Shake and Western Sizzlin' and activist efforts at Cracker Barrel Old Country Store.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 11, 2025 15:04 ET (19:04 GMT)
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