In the most recent vote, in 2020, Biglari’s nominee got just 2% of the votes not controlled by Biglari Holdings.īiglari’s 11-year campaign has included letters, websites, massive stock purchases, stock sales and plenty of criticism of the company over everything from its accounting for retail sales to the 2019 investment in Punch Bowl Social. Over that time, Biglari engineered five proxy fights, four of them for seats on Cracker Barrel’s board, only to be turned back each time and by a wider number of votes. ( Here is a brief history of Biglari’s activist history on Cracker Barrel.) The agreement comes after an acrimonious decade following Biglari’s initial investment in the company in 2011. And it includes a mutual non-disparagement agreement keeping both sides from taking shots at one another, at least through February 2024. The deal also includes a standstill agreement, which keeps Biglari from buying or selling shares without permission. Cracker Barrel has also agreed to reimburse Biglari up to $500,000 for expenses related to pursuing director nominations.
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