Biglari buys 9.7% stake in Cracker Barrel

Analysts predict investor will take activist role

Biglari Holdings Inc. has acquired a 9.7-percent stake in Cracker Barrel Old Country Story Inc., the parent of 601 restaurant-and-retail locations, the company said in regulatory filings Monday.

Biglari, which owns the Steak n Shake and Western Sizzlin chains, bought more than 2.2 million shares of Lebanon-Tenn.-based Cracker Barrel for more than $100 million, the San Antonio, Texas

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