September 23, 2011 4:27 PM
Firms Dine on Restaurant-Related Corporate Work
Posted by Brian Baxter
Several firms landed key roles this week for corporate clients in the food-service industry.
Lebanon, Tennessee–based restaurant and retail chain Cracker Barrel Old Country Store has adopted a shareholder rights plan in a bid to repel a move by its largest shareholder to seize a 49.9 percent stake in the company.
Wachtell, Lipton, Rosen Katz and Tennessee’s Bass Berry Sims have been retained by Cracker Barrel, which operates about 600 stores that sell American-style food and homey knick-knacks, in order to guard against a takeover by businessman Sardar Biglari, whose other holdings include the Steak ‘n Shake and Western Sizzlin chains.
“We’re trying to protect against the specific threat of a creeping acquisition of control,” Cracker Barrel spokeswoman Julie Davis told The Am Law Daily on Friday. “This [plan] is shareholder-friendly and even though it’s in place now, we’re putting it up for a vote at our shareholder meeting in December to continue it for a three-year period.”
Wachtell, of course, is no stranger to poison pill-related legal work. Founding partner
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