Biglari wants $20/share special dividend from Cracker Barrel

|About: Cracker Barrel Old Country ... (CBRL)|By:, SA News Editor

Sardar Biglari says Cracker Barrel (CBRL) should declare a $20/share special dividend.

Hoarding cash when rates are near zero is "asinine," Biglari says, adding that "plowing money into [new stores] at a low return on invested capital [and] paying down debt when the financing environment is favorable" are equally asinine uses of cash.

Biglari intends to call a special shareholder meeting to vote on the dividend if the board continues to "dillydally" with the proposal.

Biglari's advice to the company: "You would be best served to place us on the Board and forgo the time, energy, and shareholder money to fight us."

More on Biglari and CBRL here