It's a short statement, but it is oh so telling.
Cracker Barrel Old Country Store officials on Tuesday said they will host their annual shareholders' meeting on Nov. 13. The meeting's agenda is notable for the absence of 20 percent investor Sardar Biglari, who is not seeking board seats for the first time since he built a big stake in Cracker Barrel in mid-2011. Instead, Cracker Barrel execs say they have nominated each of their nine sitting directors to another term. (Read the company's full release here.)
Earlier this year, Biglari's push to put Cracker Barrel on the auction block was defeated by a margin of more than two-to-one. Before that, he had been steadily losing support for board representation since his first proxy challenge in the fall of 2011. That was likely due in large part to the fact that Cracker Barrel shares (Ticker: CBRL) nearly tripled from September 2009 until late last year — a sustained rise for which Biglari took a good deal of the credit as he prodded CEO Sandy Cochran and her team to make various changes.
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