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.