Cracker Barrel (CBRL) shareholder Biglari Capital issued a letter to fellow shareholders. The letter states, among other things, the following: Glass Lewis recommends that shareholders vote for two of Biglari Capital’s nominees and ISS recommends shareholders vote for one of Biglari Capital’s nominees; that incumbent directors Carl Berquist and Meg Crofton have overseen observably poor performance and significant shareholder value destruction; that ISS and Glass Lewis both cite substantial analyst concern over the company’s costly transformation plan; and that Biglari Capital urges shareholders to vote all three of its director nominees.
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