Shares of Cracker Barrel Old Country Store Inc (CBRL.O) jumped 8 percent on Tuesday, a day after it said veteran restaurant investor Sardar Biglari had taken a near 10 percent stake in the family dining chain, fuelling optimism that he could play a role in turning around the company’s sagging fortunes.
Biglari’s past of hostile takeovers and his success in turning around underperforming and undervalued restaurants means a takeover is very possible, Stifel Nicolaus analyst Steve West wrote in a note to clients.
Regards,
Don
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