Shareholders Continue to Support Ongoing Strategy as Best Path
LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
"Company") (Nasdaq:CBRL) announced today that, based on the estimates of
its proxy solicitor, preliminary results from its Special Meeting of
Shareholders indicate that shareholders overwhelmingly rejected both
non-binding advisory proposals put forward by Biglari Capital Corp. and
other affiliates of Biglari Holdings Inc. (NYSE: BH) ("Biglari
Capital"). This defeat marks the fourth consecutive contest that
proposals put forward by Biglari Capital have been soundly rejected by a
majority of shareholders.
Preliminary results indicate that approximately 70% of the shares voted
- including more than 92% of the shares voted by shareholders other than
Biglari Capital - were cast against both proposals. Proposal 1 called
for the Board to immediately pursue all potential extraordinary
transactions, including the sale of the Company; while Proposal 2 called
for the Board to take any action necessary to amend the Tennessee
Business Corporation Act to permit Biglari Capital to engage in an
extraordinary transaction with the Company.
In comments today after the Special Meeting, Cracker Barrel President
and Chief Executive Officer Sandra B. Cochran said: "We are pleased that
our shareholders once again demonstrated strong support for our
management and voted overwhelmingly in favor of our current strategy. We
remain focused on executing our announced strategy and believe that it
is the best path forward for creating value for all of our shareholders."
IVS Associates, Inc., the independent inspector of election, will
tabulate and certify the election results, and final results will be
announced when they are certified.
Cracker Barrel will file with the Securities and Exchange Commission a
Current Report on Form 8-K with the certified results promptly after
they become available.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. provides a friendly
home-away-from-home in its old country stores and restaurants. Guests
are cared for like family while relaxing and enjoying real home-style
food and shopping that's surprisingly unique, genuinely fun and
reminiscent of America's country heritage…all at a fair price.
Cracker Barrel Old Country Store, Inc. (Nasdaq:CBRL) was established in
1969 in Lebanon, Tenn. and operates 626 company-owned locations in 42
states. For more information, visit crackerbarrel.com.
Cracker Barrel Old Country Store, Inc.
Andy Merrill, 212-886-9304
Source: Cracker Barrel Old Country Store, Inc.
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