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Biglari Holdings Inc. Message Board

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  • smaycs4 smaycs4 Apr 11, 2012 1:47 PM Flag

    Cracker Barrel Adopts Poison Pill With 20% Trigger

    The plan will terminate unless approved by shareholders at the company’s 2012 annual meeting.

    If its not approved, they can do another one for the following year. Effectively forever.

    Unless biglari wants to fight it in court, he cant go over 20% without having his stake heavily diluted.

    He has to know they can & will do these kind of things. That makes me think that he likes the stock even if he never gets control.

    Either from a buyout by a 3rd party or improved results & a higher share price.

    He is at 16.93% so he can buy 3.06% more.

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