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Biglari Holdings Inc. Message Board

  • smaycs4 smaycs4 Apr 12, 2013 3:05 AM Flag

    We will outlast whoever we need to outlast.

    Sardar Biglari has lost the first two rounds of his fight with Cracker Barrel Old Country Store (CBRL), but the activist made it clear last week he isn’t ready to throw in the towel. As reported by the San Antonio Express-News, Biglari on Thursday compared his campaign against CBRL with the “Rumble in the Jungle,” a 1974 prize fight in Zaire pitting Muhammad Ali against George Foreman. Speaking at the Biglari Holdings (BH) annual meeting, Biglari had this to say: “It took Ali eight rounds to knock out Foreman. It may take us eight years to win our prize proxy fights . . . We will outlast whoever we need to outlast.” Biglari owns nearly 20% of CBRL and has sought board representation at the last two CBRL annual meetings. In each instance, however, he’s been pounded far worse in the early rounds than Ali was in Zaire. The interesting thing about this situation is not only does Biglari’s effort have no support from CBRL’s shareholders, but it looks like he doesn’t even have much support from his own camp. We say that because on Friday, BH posted the voting results of its 2013 annual meeting and the company’s “say on pay” vote lost by a margin of 46% against to 33% for. On top of that, a number of directors, including Biglari, got less than 90% of the vote in their re-election bids this year. The moral here is Biglari may want to keep fighting, but it looks like his side has seen enough.

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