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  • January 2014 (Revised January 2014)
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Showdown at Cracker Barrel

By: Suraj Srinivasan and Tim Gray
  • Format:Print
  • | Language:English
  • | Pages:25
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Abstract

In the fall of 2011, activist investor, Sardar Biglari, has acquired nearly 10% ownership in the Cracker Barrel restaurant chain. He believes that the board and senior management have failed and the company has underperformed relative to its peers. When he is denied a seat on the board, Biglari initiates a proxy fight in an attempt to win a board position and change the direction of Cracker Barrel's strategy. Two leading proxy advisory firms, ISS and Glass Lewis, disagree on supporting Biglari. One advises shareholders to vote Biglari to the board, while the other advises against it. Shareholders must decide.

Keywords

Boards; Activist Investors; Proxy Battles; Shareholder Activism; Peer Firm; Ratio Analysis; Financial Accounting; Financial Analysis; Board Of Directors; Boards Of Directors; Financial Intermediaries; Financial Analysts; CEO Turnover; New CEO; Peer Groups; Hedge Fund; Hedge Funds; Proxy Contest; Proxy Fight; Proxy Advisor; Proxy Battle; Financial Statement Analysis; Financial Strategy; Corporate Governance; Corporate Disclosure; Governing and Advisory Boards; Competition; Valuation; Business Strategy; Value Creation; Business and Shareholder Relations; Financial Reporting; Financial Statements; Retail Industry; Food and Beverage Industry; United States

Citation

Srinivasan, Suraj, and Tim Gray. "Showdown at Cracker Barrel." Harvard Business School Case 114-026, January 2014. (Revised January 2014.)
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About The Author

Suraj Srinivasan

Accounting and Management
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Related Work

    • January 2014 (Revised January 2014)
    • Faculty Research

    Showdown at Cracker Barrel

    By: Suraj Srinivasan and Tim Gray
    • January 2014
    • Faculty Research

    Showdown at Cracker Barrel

    By: Suraj Srinivasan
    • March 2014
    • Faculty Research

    Showdown at Cracker Barrel Spreadsheet

    By: Suraj Srinivasan
Related Work
  • Showdown at Cracker Barrel By: Suraj Srinivasan and Tim Gray
  • Showdown at Cracker Barrel By: Suraj Srinivasan
  • Showdown at Cracker Barrel Spreadsheet By: Suraj Srinivasan
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