Unchastened by his unsuccessful proxy fight for a Board seat at Cracker Barrel(CBRL), Biglari Holdings(BH) Chairman and CEO Sardar Biglari has begun aggressively purchasing Cracker Barrel stock once again. Biglari had been held to 9.9% by
a rights plan which was voted down by shareholders at the annual meeting in December. Free to acquire more Cracker Barrel stock, it was reported last week that Biglari had upped his stake to 11.8%. Now, a new 13D/A has been filed showing he has continued to buy this week, reaching 13.3% of the company, even as the price went up. It’s not clear how much more Biglari will acquire, but one thing is clear- he’s not done fighting. Biglari’s track record in unlocking value at Steak N Shake Fremont Michigan Insuracorp, and Penn Miller is impressive. He is underwater on his CCA Industries(CAW) stake, but was successful in gaining a Board seat. Hopefully, Biglari’s persistence with Cracker Barrel will pay off for his shareholders.
- Sardar Biglari buys more Cracker Barrel shares (knoxnews.com)
- Biglari loses bid for Cracker Barrel seat (mysanantonio.com)