Cracker Barrel Says Prelim. Results Suggest Nominees Elected
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) announced today that preliminary results provided by the Company's proxy solicitor indicate that shareholders have elected, by an overwhelming margin, all of the Company's nominees to the Board of Directors at the Company's annual meeting and have rejected both Sardar Biglari and Phil Cooley as directors.
Cracker Barrel shareholders also voted by a significant margin to uphold the Company's shareholder rights plan.
Preliminary results indicate that over 70% of the shares voting were cast in favor of the Company's nominees, including almost 90% of the shares voted by shareholders other than Biglari Holdings, which nominated the two candidates to the Board. The shareholder rights plan received the support of over 65% of the shares voting, including over 80% of the shares voted by shareholders other than Biglari Holdings.
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