UPDATE: J. Alexander's (JAX) to be Acquired by Fidelity National in $72M Deal
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Price: $25.50 +0.08%
Overall Analyst Rating:
NEUTRAL (
Up)
Dividend Yield: 2.5%
EPS Growth %: +18.2%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 2.5%
EPS Growth %: +18.2%
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(Updated - June 25, 2012 8:04 AM EDT)
Fidelity National Financial, Inc. (NYSE: FNF) today announced the signing of a definitive agreement to merge J. Alexander's Corporation (NASDAQ: JAX) with a subsidiary of American Blue Ribbon Holdings, Inc., a newly formed, majority owned subsidiary of FNF, in a transaction which values the equity of J. Alexander's at approximately $72 million. Immediately after the merger, J. Alexander's will be combined with the current restaurant operations of ABRH, LLC, a majority-owned restaurant operating subsidiary of FNF with total annual revenue of approximately $1.3 billion. American Blue Ribbon owns and operates 674 restaurants in 43 states under six different restaurant concepts, including Bakers Square, Max & Erma's, Village Inn, Stoney River Legendary Steaks, O'Charley's and Ninety Nine, as well as the APC award winning pie bakery Legendary Baking. Following the transactions, the total combined annual revenue of the restaurant operating company will be approximately $1.5 billion.
Under the merger agreement, shareholders of J. Alexander's may elect to receive per share $12 in cash or a combination of $3 in cash and one share of Class A common stock of ABRH, subject to proration at closing so that the J. Alexander's shareholders that receive stock will own a total of 49.9% of the shares in ABRH.
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Fidelity National Financial, Inc. (NYSE: FNF) today announced the signing of a definitive agreement to merge J. Alexander's Corporation (NASDAQ: JAX) with a subsidiary of American Blue Ribbon Holdings, Inc., a newly formed, majority owned subsidiary of FNF, in a transaction which values the equity of J. Alexander's at approximately $72 million. Immediately after the merger, J. Alexander's will be combined with the current restaurant operations of ABRH, LLC, a majority-owned restaurant operating subsidiary of FNF with total annual revenue of approximately $1.3 billion. American Blue Ribbon owns and operates 674 restaurants in 43 states under six different restaurant concepts, including Bakers Square, Max & Erma's, Village Inn, Stoney River Legendary Steaks, O'Charley's and Ninety Nine, as well as the APC award winning pie bakery Legendary Baking. Following the transactions, the total combined annual revenue of the restaurant operating company will be approximately $1.5 billion.
Under the merger agreement, shareholders of J. Alexander's may elect to receive per share $12 in cash or a combination of $3 in cash and one share of Class A common stock of ABRH, subject to proration at closing so that the J. Alexander's shareholders that receive stock will own a total of 49.9% of the shares in ABRH.
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