Moreover, Mr. Biglari describes Biglari Holdings as a restaurant acquisition vehicle, and he has used it to engineer a “creeping takeover” to seize control of Steak ‘n Shake through a proxy fight without paying a control premium to shareholders. He has also made clear in Biglari Holdings’ SEC filings that he seeks to take control positions in the companies in which he invests. Our concerns about Mr. Biglari’s objectives and corporate governance practices are underscored by the recent Federal Trade Commission complaint filed against Biglari Holdings for violations of the Hart-Scott-Rodino Act in connection with its acquisition of Cracker Barrel stock last year. Biglari Holdings has agreed to pay $850,000 to settle the complaint.THE WRONG TIME FOR CHANGE
Cracker Barrel Urges Shareholders To Reject Nominations Of Biglari And Cooley To Board Of Directors
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