Cracker Barrel Tries 20% Poison Pill To Halt Takeover

Law360, New York (April 10, 2012, 2:14 PM EDT) -- Cracker Barrel Old Country Store Inc. has adopted a poison pill to thwart competing restaurateur Sardar Biglari's bid for a controlling stake in the country store and restaurant chain, Cracker Barrel said Tuesday.

Cracker Barrel’s board of directors adopted a so-called shareholder rights plan Monday that is designed to prevent individual shareholders from buying up more than 20 percent of the Lebanon, Tenn.-based chain, according to a statement issued Tuesday.

The poison pill is effectively immediately but will expire unless Cracker Barrel stockholders back it at...
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