Activist Practice Group Client Sardar Biglari Gets Glass Lewis Endorsement In Cracker Barrel Proxy Battle
Glass, Lewis & Co., a leading proxy advisory firm, has recommended that Cracker Barrel shareholders vote to elect Sardar Biglari, Chairman and CEO of Activist Practice Group client Biglari Holdings Inc., to the Cracker Barrel Board of Directors at the upcoming Annual Meeting. Among other things, Glass Lewis cited Cracker Barrel’s poor performance and noted, “we believe [Biglari] has identified areas of concern, both operationally and governance related, and we find grounds on which to support the notion that the election of the [Biglari] nominee is likely to result in a superior outcome for Cracker Barrel and its shareholders.” Biglari Holdings is currently Cracker Barrel’s largest shareholder, owning approximately 9.9% of Cracker Barrel’s outstanding common stock. Steve Wolosky, Michael R. Neidell and Erik D. Syvertsen represent Biglari Holdings in this matter. For media coverage click here: The Wall Street Journal, Nashville Business Journal, CBS News and Reuters.