LEBANON, Tenn. (AP) — Cracker Barrel says that preliminary results show its shareholders have overwhelmingly rejected two proposals put forth by an activist stockholder.
The first proposal from Sardar Biglari's Biglari Capital Corp. and other affiliates of Biglari Holdings Inc. called for Cracker Barrel's board to immediately pursue potential extraordinary transactions, including a sale of the company. The second proposal sought for the restaurant operator's board to take steps to amend the Tennessee Business Corporation Act so that Biglari Capital could engage in an extraordinary transaction with the company.
Cracker Barrel Old Country Store Inc. said that preliminary results from its special shareholders meeting on Wednesday show that about 70 percent of the shares voted were against both proposals. This included more than 92 percent of shares voted by stockholders other than Biglari Capital. Both proposals were non-binding.
Biglari is Cracker Barrel's biggest shareholder with an approximately 19.9 percent stake.