Cracker Barrel still wary of Biglari, restates poison pill case

The multi-year governance and strategy spat between Cracker Barrel Old Country Store and investor Sardar Biglari may have gone a little quiet in recent months, but that doesn't mean the board of the restaurant and retail company is letting down its guard.

After renewing its poison pill plan this spring, the board is now asking investors to extend the shareholder rights plan through the spring of 2018, saying Biglari "remains a threat." The Texas-based investor and leader of Steak 'n Shake and other restaurant brands still controls nearly 20 percent of Lebanon-based Cracker Barrel.

Read Cochran's letter and see the company's presentation — trumpeting its recent track record, defending the poison pill and firing more governance shots at Biglari — in full here. Shareholders will vote at the company's annual meeting next month.

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