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Stock Market & Financial Investment News

News Breaks
December 18, 2013
08:16 EDTCBRLBiglari Capital calls on Cracker Barrel to begin sale process
Biglari Capital, owner of 19.9% of Cracker Barrel's outstanding shares, said it does not believe the company's board and management "are able to maximize the intrinsic business value" of the company. Biglari stated in a regulatory filing that it believes the board should "undertake a value maximization process by reviewing all potential extraordinary transactions, including the sale of the Issuer, to create an immediate realization of value for the benefit of all stockholders." Biglari said it is "willing to participate in a process in any capacity." It added that it intends to call a special meeting of shareholders should the Board not "promptly announce definitive action to engage in a sale process."
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