Biglari Capital Corp. Reveals Holding Almost 20% of Cracker Barrel Old Country Store, Inc. (CBRL)

Biglari Capital Corp., a subsidiary of Biglari Holdings Inc (NYSE:BH), has disclosed in a filing with the Securities and Exchange Commission, holding over 4.7 million shares of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), the stake amassing 19.9% of the stock. In its latest 13F, Biglari revealed owning around 3.96 million shares of the company.

At the same time, Biglari stated that it considers that the company’s management, and its board is not capable of maximizing the business value of the company. It also suggested that the board should consider reviewing all potential extraordinary transactions, including the sale of the company, in order to realize the value for Cracker Barrel’s shareholders.

Biglari Holdings Inc (NYSE:BH) reported financial deals as well. It burger chain-Steak ‘n Shake-will now be the sole provider at over 50 restaurants of AB Holdings, across Saudi Arabia. The deal will help the company to remain on course with the vision to establish a global footprint. The first of these signature burger outlets will be at Riyadh, operational before June 2014.

Steak ‘n Shake is a 500-outlet restaurant chain and has been in business since 1934. The Chairman of Biglari Holdings, Sardar Biglari, has previously aspired to be part of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) board for some time now. In Biglari Capital Corp.’s equity portfolio, Cracker Barrel is by far the largest holding in terms of value. A couple of months earlier, Biglari earlier suggested to Cracker Barrel to declare a special dividend worth $20 per share.

In addition to Biglari, Jim Simons’ Renaissance Technologies revealed holding a $28.6 million stake in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), which amasses 276,700 shares. Glenn Russell Dubin‘s Highbridge Capital Management, and Millennium Management, led by Israel Englander, disclosed, in their latest 13Fs, holding much smaller positions, owning 36,700 shares, and 31,900 shares.

Disclosure: none

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