As was the case three years ago, Sardar Biglari isn't the only Cracker Barrel shareholder who doesn't like Cracker Barrel Old Country Store's shareholder rights plan, more commonly known as a poison pill. But, as was also the case in 2012, the restaurant and retail company's plan passed very comfortably last week, garnering 11.8 million 'for' share votes versus 6.2 million shares opposed. That means investors controlling almost 1.5 million shares — some 6 percent of Cracker Barrel's total stock outstanding — aren't thrilled with the outcome.
Shareholders of Cracker Barrel Old Country Store have voted to extend the poison pill adopted by the company's board this spring all the way to 2018. The mechanism is designed to deter activist Sardar Biglari, who in turn says he's not interested in growing his stake in the company.
The company is promising exact vote numbers soon but it's likely the decision was pretty clear: Biglari's initiatives have been losing support in recent years.
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