LEBANON, Tenn. (AP) -- Cracker Barrel says it won't consider selling itself, and is rejecting a push from its biggest shareholder.
The company said Monday that it will continue pursuing its own business strategies.
Last week shareholder Sardar Biglari said he was willing to make a bid for the company and urged it to consider selling itself.
Biglari, through his investment firm Biglari Holdings, owns nearly 20 percent of Cracker Barrel Old Country Store Inc.'s shares. He has tried and failed multiple times to win a seat on the board. Shareholders also recently rejected his proposal for a $20-per-share special dividend.
Shares of Cracker Barrel lost $1.06 to $110.20 on Monday. The stock is up 72 percent in 2013.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.