With the handling of the Duck Dynasty controversy (in which the company removed from its shelves products with Phil Robertson's face on them, only to hastily reverse itself) the latest example of inept management, Sardar Biglari urges Cracker Barrel's (CBRL) board to consider a sale of the company.
An owner of 20% of the shares, Biglari himself would like to submit a bid, but Tennessee law restricts this activity, and he asks the Board to support his effort to amend this law.
As an alternative to a sale, Biglari suggests a large share repurchase, and that he would tender his own holdings. "We would not want to leave our money in your care."
Shares +0.8% premarket