Nashville-based J. Alexander’s has returned to negotiating table with a potential buyer that the restaurant chain’s board had been ready to ignore.
Last week, the board filed papers with federal regulators saying they wanted to move forward with a sale to Fidelity National, despite higher bids from two other companies. A shareholders group responded by insisting the board keep talking to the higher bidders.
That’s exactly what they did, according to a new filing with the Securities and Exchange Commission. In it, J. Alexander’s officials say talks with one of the potential buyers did fall apart late last week, but resumed negotiations with the company they’re calling “Party F” resulted in a detailed agreement that would pay $14.25 a share, compared to the offer of $13 a share from Fidelity National.
Fidelity has until Friday to either respond with a new offer or drop its bid to buy J. Alexander’s.
On Air - 90.3 WPLN-FM