New York Times Reports on Biglari's Willingness to Bid for Cracker Barrel
The New York Times reported on a letter issued by Olshan client Biglari Capital Corp. calling for Cracker Barrel Old Country Store, Inc. to undertake a value maximization process with the primary aim of selling the company to the highest bidder. In its letter, Biglari Capital, which is Cracker Barrel's largest shareholder owning nearly 20% of the outstanding shares, states that it is willing to lead the process by submitting a bid. The letter urged the Board to support Biglari Capital's efforts to seek an amendment to Tennessee law, which currently restricts Biglari Capital's ability to engage in an extraordinary transaction with Cracker Barrel, to give all shareholders the ability to decide the future of their company. Olshan attorneys Steve Wolosky and Michael Neidell represent Biglari Capital.
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