Jack in the Box Shares Higher on Increased Biglari Stake, Anti-Takeover Plan

By Josh Beckerman

Shares of Jack in the Box rose after it said Biglari Capital Corp. increased its stake and that the fast-food chain adopted an anti-takeover plan.

The stock was up 8.4% to $20.70 Wednesday and is down about 50% this year.

Jack in the Box said Biglari Capital Corp. privately informed the company that it now owns 9.9% of the company's shares and intends to increase its holdings.

Biglari Capital reported in February 2023 that it held 1.07 million shares, using the 13-G filing for passive investors. That amount, which has been consistent in recent quarterly 13-F filings, represents a 5.7% stake, according to FactSet.

The stockholder rights plan is intended to protect long-term value for all stockholders and provide time for the company to implement its improvement plans, Jack in the Box said. The rights plan has a 12.5% threshold.

Sardar Biglari is known for investments in Steak 'n Shake and Western Sizzlin' and activist efforts at Cracker Barrel. His holding company Biglari Holdings bought Maxim magazine in 2014 and has also invested in energy and insurance companies.

In April, Jack in the Box suspended its dividend and said it would consider a sale of Del Taco.

Write to Josh Beckerman at josh.beckerman@wsj.com