Cracker Barrel Shareholders Snub Activist's Proxy Bids

Law360, New York (November 14, 2013, 1:00 PM EST) -- Shareholders for restaurant chain Cracker Barrel Old Country Store Inc. on Wednesday rejected bids by its largest stockholder, San Antonio-based Biglari Holdings Inc., to take over seats on the company's board and to put in place a new $20-per-share dividend.

Per preliminary results, about 70 percent of voting shareholders declined to place Biglari's Sardar Biglari and Phil Cooley onto the company's board of directors and instead re-elected Cracker Barrel's nominees. Through the proxy votes, shareholders also rejected a proposal on a $20-per-share dividend that Biglari Holdings...
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