Activist Investor Presses For Sale Of Cracker Barrel

Law360, New York (December 18, 2013, 3:41 PM EST) -- The largest shareholder of Cracker Barrel Old Country Store Inc. called on the restaurant chain Wednesday to explore strategic options, including a possible sale, claiming management has been unable to realize the company's true value.

Activist investor Sardar Biglari, who controls almost 20 percent Cracker Barrel, has made multiple attempts to sway the company, including a thwarted takeover last month when the restaurant's shareholders rejected bids by Biglari's company, San Antonio-based Biglari Holdings Inc., to take over seats on the company's board and to put in place...
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