For the second time in a week, Biglari Holdings Inc. increased its stake in Cracker Barrel Old Country Store Inc.
Biglari filed documents Thursday with securities regulators indicating that as of Jan. 11, it had increased its aggregate stake in Cracker Barrel by 1.5 percent, to 13.3 percent, after increasing its share in the family-dining restaurant operator by a little more than 1.8 percent a week earlier.
The share-buying spree comes weeks after shareholders of Lebanon, Tenn.-based Cracker Barrel rejected a bid for a seat on Cracker Barrel’s board by Biglari Holdings chief executive Sardar Biglari.
In that same vote, however, a majority of Cracker Barrel’s shareholders agreed with Biglari that Cracker Barrel management should rescind a “shareholders rights” measure, or so-called anti-takeover “poison pill” triggered when an investor’s stake reached 10 percent.
Cracker Barrel management did not reply to Nation’s Restaurant News queries as of press time.
Biglari acquired control of Biglari Holdings’ Steak ’n Shake division with less than a 7-percent stake in that company.
Contact Alan J. Liddle at [email protected].
Follow him on Twitter: @AJ_NRN
