FNF and J Alexander's amend merger agreement
FNF and J Alexander's have made changes to their merger agreement.
J Alexander's Corporation and Fidelity National Financial (FNF) have been in business negotiations and have amended details of their merger agreement.
FNF will now offer to purchase all of J Alexander's shares for $13 in cash each, rather than their previously-announced proposal of $12 per share, paid for through a combination of stock and money.
A tender offer for all of J Alexander's outstanding shares will be issued by FNF on or before August 6th and the transaction is expected to be completed during the fourth quarter of 2012.
FNF provides mortgage and restaurant services, title insurance and other diversified products, issuing more insurance policies than any other title firm in the US, while J Alexander's operates 33 restaurants in 13 states.
"The J. Alexander's board believes that FNF's tender offer is in the best interest of all shareholders, maximises value for all shareholders and provides for a substantial cash premium," J Alexander's president, chairman and chief executive officer Lonnie Stout said.
Posted by Ken Hayes
Source: FNF press release, July 31st