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Cracker Barrel OKs 'poison pill' strategy against Sardar Biglari
Cracker Barrel OKs 'poison pill' strategy against Sardar Biglari

If Sardar Biglari wants to control Cracker Barrel Old Country Store Inc., he’ll first have to get past the Southern-style restaurant chain’s new "poison pill" defense. Board members of the Tennessee-based company approved a shareholder rights plan to try to obstruct investor Biglari’s hostile takeover efforts. The strategy would prevent Biglari, who recently raised his stake in Cracker Barrel to more than 16%, from accumulating 20% without offering shareholders a premium. To do so would water down the value of his shares. “The shareholder rights plan is designed to assure that all of Cracker Barrel's shareholders receive fair and equal treatment in...

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