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Fidelity National raises bid for J Alexander's to $78 mln
July 31, 2012 / 1:20 PM / 5 years ago

Fidelity National raises bid for J Alexander's to $78 mln

July 31 (Reuters) - Title insurer Fidelity National Financial Inc raised its offer to buy casual dining chain J. Alexander’s Corp to $13 per share in cash, more than a month after its first bid.

The No. 1 US title insurer’s offer values J. Alexander at $78 million, higher than its previous bid of $72 million.

J. Alexander’s shares were up 11 percent at $13 in pre-market trade on Tuesday. They closed at $11.75 on Monday on the Nasdaq.

Fidelity National in June made an offer of $12 per share to J. Alexander’s shareholders, which had faced opposition from the restaurant chain’s second-largest shareholder Privet Fund LP.

Fidelity has been bulking up its restaurant operating unit -American Blue Ribbon Holdings (ABRH) - results of which it started reporting as a separate operating segment in its results last week.

Fidelity National shares closed at $18.81 on Monday on the New York Stock Exchange.

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