Biglari's slipping support in detail

Sardar Biglari's quest to change the strategic direction of Cracker Barrel Old Country Store is turning into a case study of diminishing returns. At the recent special shareholders' meeting called by the 20 percent investor, his push to have the board consider "immediately pursue all potential extraordinary transactions" received barely a million votes from shareholders not named Biglari.

Here's how the votes have trended over the past three and a half years:

December 2011 board seat – 6.6 million total and 4.3 million without Biglari stake
November 2012 board seat – 5.6 million total and 1.5 million
November 2013 board seat – 5.9 million total and 1.2 million
April 2014 sale motion – 5.8 million total and 1.0 million

May 1, 2014 6:43 AM

Cracker Barrel investors again deny Biglari push

Special vote on possible sale in line with past tallies
Apr 23, 2014 11:57 AM

Proxy advisors side with Cracker Barrel

Biglari push to sell chain called 'unnecessarily prescriptive, impractical and counterproductive'
Apr 14, 2014 2:42 PM

One more time, but now officially: No

With less than five weeks until Cracker Barrel Old Country Store shareholders vote on whether to put the company up for sale per the wishes of 20 percent owner Sardar Biglari, the company is mailing its official proxy statements. And no, the board hasn't changed its mind.

Given Biglari’s repeated prior statements to the contrary, we believe that we have no choice but to question both the genuineness of, and the motivation for, Biglari’s claim that it is now interested in acquiring the Company, and the request that the Company spend time and money to try to effect a change in Tennessee law. We also note that there appears to be no evidence to suggest that Biglari has taken any steps of its own to seek an amendment to Tennessee law which, given the Tennessee legislature’s schedule, we believe would now be too late to pursue until 2015 at the earliest.

Mar 21, 2014 8:32 AM

Biglari: Time to sell Cracker Barrel is now

Credit market conditions favorable, activist says, but management 'ignoring prevailing winds of change'
Feb 21, 2014 2:42 PM

Cracker Barrel moves special shareholder meeting to Bass' D.C. office

If you were planning to head to Lebanon in April to attend the special Cracker Barrel Old Country Store shareholders' meeting, your travel plans have just changed. The restaurant and retail chain will host the gathering — where investors will have their say on activist investor Sardar Biglari's motion to put the company up for sale — at the Washington, D.C., office of law firm Bass Berry & Sims. In a newly filed preliminary proxy statement for that meeting, company executives also repeat their opposition to Biglari's moves, saying they "may be motivated by the self-interest of Biglari Capital in seeking to achieve full liquidity of this investment through a single extraordinary transaction, rather than trying to sell the shares in the open market, which may be subject to limitations under the federal securities laws."

Feb 11, 2014 10:07 AM

Cracker Barrel calls special meeting for sale vote

Company: 'Biglari is now just engaged in harassment'
Jan 21, 2014 11:00 AM

Biglari calls for special Cracker Barrel meeting

Steak 'n Shake operator needs only handful of votes to get question of sale in front of investors
Jan 17, 2014 7:03 AM

Cracker Barrel rejects Biglari sale demand

Board pleased with existing business strategy
Dec 30, 2013 10:27 AM

Biglari wants to bid on Cracker Barrel

State law poses big obstacle; 'We are convinced you are leaving a ton of value on the table'
Dec 26, 2013 6:57 AM