Cracker Barrel Hopes Poison Pill Halts Investor

Law360, New York (September 23, 2011, 1:52 PM EDT) -- Cracker Barrel Old Country Store Inc. said Friday it had adopted a poison pill over threats that its largest shareholder, a vocal critic of the company's management, could acquire a significant and possibly controlling position in the restaurant chain.

Lebanon, Tenn.-headquartered Cracker Barrel said its board of directors approved the so-called shareholder rights plan Thursday in response to Biglari Holdings Inc.'s maneuverings. The plan would kick in if a person or group acquired 10 percent or more of its outstanding common stock, allowing shareholders to buy...
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