Biglari Holdings buys $2.8M in Cracker Barrel stock

Staff Writer
Activist investor Sardar Biglari this week acquired 50,100 more shares of Cracker Barrel Old Country Store Inc.

Activist investor Sardar Biglari this week acquired 50,100 more shares of Cracker Barrel Old Country Store Inc., bringing his stake in the family-dining chain to more than 16.3 percent.

Biglari, whose San Antonio, Texas-based Biglari Holdings Inc. owns the Steak ‘n Shake and Western Sizzlin chains, has been buying Cracker Barrel stock since December, when he lost a contentious proxy battle to gain a board seat on the Lebanon, Tenn.-based company.

In U.S. Securities and Exchange Commission documents filed Wednesday, Biglari Holding’s reported buying another 46,000 shares of Cracker Barrel at $56.28 on April 4 and 4,100 shares at $56.04 on April 2 for a total purchase of about $2.8 million.

Cracker Barrel has nearly 23 million shares outstanding. Over the past 52 weeks, it has traded from a low or $37.31 per share to a high of $59.90. Biglari has purchased about $60 million worth of shares this year.

In 2011, Biglari Holdings and its affiliated Lion Fund LP bought about 2.3 million shares during a six-month period ending Oct. 14.

In December, Biglari failed to persuade Cracker Barrel shareholders to add him to the company’s board of directors. But a majority of those investors voted to direct management to eliminate a “shareholders’ rights” anti-takeover provision.

That so-called poison pill measure would have been triggered when an investor’s stake in Cracker Barrel hit 10 percent, and was rescinded at a time when Biglari-affiliated companies held about 9.9 percent of Cracker Barrel shares.

Cracker Barrel has 611 restaurants.

EARLIER:

Biglari Holdings buys $4.6M in Cracker Barrel stock, holds nearly 16% of company
Biglari Holdings ups stake in Cracker Barrel Old Country Store
Biglari again raises stake in Cracker Barrel
Biglari raises stake in Cracker Barrel
Sardar Biglari takes Cracker Barrel to task

Contact Ron Ruggless at ronald.ruggless@penton.com.
Follow him on Twitter: @RonRuggless