Cracker Barrel shareholders ‘overwhelmingly’ reject sale proposals

Cracker Barrel shareholders ‘overwhelmingly’ reject sale proposals

Company stays course despite demands from activist investor Biglari

Cracker Barrel Old Country Store Inc. said Wednesday that preliminary results show shareholders “overwhelmingly rejected” proposals by Biglari Capital and Biglari Holdings Inc. that called for the company to pursue a possible sale.

The Lebanon, Tenn.-based family-dining operator said proxy-solicitor estimates indicated about 70 percent of shares voted against the two nonbinding proposals during a special meeting called by Sardar Biglari, chair and chief executive of Biglar

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