Pacific Specialty's $300mn deal meets a clouded end

Biglari Holdings has pulled out of a $300mn deal to acquire
Pacific Specialty Insurance, the firm said in a late December
regulatory filing that came a few months after a deterioration in
the target's financial results.
The statement offered no reason for the termination of the
acquisition of privately held Western Contract Service Corporation,
its A-rated Pacific Specialty operating unit based in Palo Alto,
California, and the related McGraw Insurance Agency.
The transaction, announced in May 2