Biglari Discloses 10% Stake in Cracker Barrel, Runs for Board Seat, Takes Aim at CEO; Shares Slip

By Staff,

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Shares of Cracker Barrel ( CBRL ) was down 0.5% at $45.02 earlier, but it has since recouped more than half those losses after Sardar Biglari, Chairman and Chief Executive Officer of Biglari Holdings ( BH ) today issued a letter to the company's shareholders.

In the letter, he disclosed a 9.9% stake in the company and announced that he is running for a seat on the company's board.

In his letter, Biglari said that since Michael Woodhouse became Chairman and CEO the underlying store-level operating performance has been deteriorating. He also calls for "a moratorium on the expansion of new stores."

According to Biglari, this proxy contest is about "gaining one board seat out of eleven to share ideas in order to advance the value for all shareholders; it is not about control."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BH , CBRL

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