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Mid-State Based Cracker Barrel Says it Won't Consider a Sale

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LEBANON, Tenn. (AP) — Cracker Barrel says it won't consider selling itself, and is rejecting a push from its biggest shareholder.

The company said Monday that it will continue pursuing its own business strategies.

Last week shareholder Sardar Biglari said he was willing to make a bid for the company and urged it to consider selling itself.

Biglari, through his investment firm Biglari Holdings, owns nearly 20 percent of Cracker Barrel Old Country Store Inc.'s shares. He has tried and failed multiple times to win a seat on the board. Shareholders also recently rejected his proposal for a $20-per-share special dividend.

Shares of Cracker Barrel lost $1.06 to $110.20 on Monday. The stock is up 72 percent in 2013.