Cracker Barrel's largest shareholder says he is considering a bid for the restaurant chain, part of his efforts to change the company.

Sardar Biglari, through his investment firm Biglari Holdings, owns nearly 20% of Cracker Barrel. 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.

He said in a letter Tuesday that the company's earnings power is "far too low" under current management and urged the company to consider selling itself. He says he could submit a bid and was talking with an investment bank about funding, but gave no further specifics.

He also suggested the company consider repurchasing shares.

Lebanon, Tenn.-based Cracker Barrel did not immediately respond to a request for comment.

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