Some folks can’t get enough of Cracker Barrel.
Sadar Biglari, who failed in his third attempt last month to gain board seats at the roadside eatery, sent a testy letter this week to its board chairman vowing not to give up his pursuit.
Biglari, a restaurant investor and hedge fund manager who owns a 19.9 percent stake in the chain, wants it to issue a $20 special dividend, according to the letter.
That — in addition to the board seats — is a fight he vowed to carry on.
Biglari, founder of holding company Biglari Holdings, said “the time is ripe” to pay shareholders $20 per share because Cracker Barrel had amassed $58.5 million of cash and cash equivalents and very little debt.
“We will not wait while the Board continues to dillydally with our shareholder plan,” Biglari, who controls the Western Sizzlin and Steak ’n Shake chains, said in the letter. “Our next step is to call a special meeting of Cracker Barrel’s shareholders…” he said in the letter, which was disclosed Tuesday in a regulatory filing.