Cracker Barrel Old Country Store’s top shareholder, Sardar Biglari, said he is considering a bid for the restaurant chain, the activist investor’s latest attempt to take control of the company.
Biglari’s investment firm Biglari Holdings has been pushing for change at Cracker Barrel for more than two years, saying the company’s “earning power” was far too low under the current management.
Biglari Holdings, which holds a 19.9 percent stake in Cracker Barrel, said on Tuesday it was in talks with an investment bank to finance a deal.
Cracker Barrel’s shares closed up 1.7 percent at $112.31.
Biglari’s last attempt in November to win board seats was rebuffed by Cracker Barrel’s shareholders. They also rejected his proposal for a $20-per-share special dividend.