Monday, June 25, 2012

Fidelity National to buy J Alexander's (Nasdaq: JAX) for $72 mln

Fidelity National to buy J Alexander's (Nasdaq: JAX) for $72 mlnAtlanta, GA 6/25/12 (StreetBeat) -- Fidelity National Financial Inc, the No. 1 U.S. property title insurer, will buy restaurant operator J Alexander's Corp (Nasdaq: JAX) for about $72 million.

Shareholders of J Alexander's can elect to receive $12 per share in cash or a combination of $3 in cash and one share of Class A common stock of American Blue Ribbon Holdings Inc (Nasdaq:ABRH), Fidelity said in a statement. When issued, the ABRH shares will be listed for trading on Nasdaq.

The offer represents a 21 percent premium to J Alexander's stock's Friday close.

J Alexander's will be merged with a unit of ABRH, a newly formed restaurant operating subsidiary of Fidelity.

Fidelity's restaurant holdings under ABRH currently include the Village Inn, Bakers Square and Max & Erma's chains.

J Alexander's, which operates 33 restaurants in 13 states in the United States, may solicit superior proposals from third parties during 30 days following execution of deal, the company said in a separate statement.

Fidelity earlier this year signed a deal to buy casual dining chain O'Charley's Inc for about $221 million.

Fidelity National shares closed at $19.02 on the New York Stock Exchange, while J Alexander's shares closed at $9.90 on Friday on the Nasdaq.

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