Cracker Barrel (CBRL +2.1%) confirmed it offered to buy out Biglari Holdings' (BH +2.1%) stake...

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

Cracker Barrel (CBRL +2.1%) confirmed it offered to buy out Biglari Holdings' (BH +2.1%) stake at market price (~$300M) to avoid the expense and distraction of a third potential proxy battle. But Sardar Biglari, owner of a ~19% stake and has unsuccessfully fought to gain a seat on CBRL's board, rejected the notion, saying he intends to be a long-term shareholder.