Dec 30 Restaurant chain Cracker Barrel Old
Country Store Inc has rejected activist investor and
top shareholder Sardar Biglari's demand to sell itself.
Cracker Barrel said its board considered Biglari's demand to
start a sale process, but decided to continue with existing
strategy for the "long-term best interests" of the company and
"We are disappointed that (Biglari) is seeking to call a
special meeting to vote on a proposal requesting that the
company commence a sale process, particularly in light of his
defeat by substantial margins in three consecutive proxy
contests," Cracker Barrel Chairman James Bradford said in a
Biglari's investment firm Biglari Holdings, which
owns a 19.9 percent stake in Cracker Barrel, could not be
immediately reached for comment.
Biglari Holdings has been pushing for change at Cracker
Barrel for over two years, saying the restaurant chain's
"earning power" was far too low under the current management.
Cracker Barrel shares fell 1 percent to $110.17 on Monday on
the Nasdaq. Biglari Holding shares were down 0.7 percent at
$514.20 on the New York Stock Exchange.