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.
