Deals
Even a 284% Five-Year Gain Doesn’t Impress Cracker Barrel’s Top Shareholder
- Sardar Biglari has tried to get control of company since 2011
- Investor support for his proposals wanes with surging shares
A waitress prepares an order at a Cracker Barrel Old Country Store.
Photographer: Luke Sharett/BloombergThis article is for subscribers only.
Cracker Barrel Old Country Store Inc.’s biggest shareholder and noisiest critic still holds a grudge, even after his investment almost quadrupled.
Sardar Biglari, who began an ultimately unsuccessful campaign to take control of the restaurant chain in 2011, is showing no signs of dropping his now largely symbolic votes against the company’s directors and executive pay, winning little support from fellow investors. His next opportunity comes in November at the annual shareholders’ meeting in Tennessee.