Cracker Barrel rejects Biglari, Cooley slate

theflyonthewall.com

Earlier today, Cracker Barrel announced that at the recommendation of its Nominating and Corporate Governance Committee, the Board also voted unanimously against including Sardar Biglari and Philip Cooley on its slate of Director nominees for its 2013 Annual Shareholders Meeting. Misters Biglari and Cooley were nominated by The Lion Fund II, an affiliate of Biglari Holdings, for seats on the company's board. In reaching this decision, the board and the committee took into consideration many factors, including the company’s shareholders’ significant votes, two years in a row, against the proposed candidates presented by Biglari Holdings and its affiliates; the individuals’ backgrounds and qualifications; uncertainty over Mr. Biglari's ultimate agenda; and continued business and legal concerns over conflicts of interest. After once again thoroughly reviewing the proposed nominations of Misters Biglari and Cooley, the Nominating and Corporate Governance Committee determined that the election of Mr. Biglari and Mr. Cooley is not in the best interests of the Company or its shareholders.

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