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News Breaks | | | | September 18, 2012 | | 09:51 EDT |  | JAX, FNF | J. Alexander's, Fidelity National settle class action suit related to merger
Fidelity National Financial (FNF) and J. Alexander’s Corporation (JAX) announced that, on Monday, September 17, the companies and the other named defendants entered into a memorandum of understanding with the plaintiff and its counsel in connection with the class action lawsuit filed in Tennessee state court related to the proposed acquisition of J. Alexander’s by affiliates of FNF. The MOU reflects the parties’ agreement in principle to resolve the claims by the plaintiff against J. Alexander’s, its board of directors and FNF in connection with the tender offer and the merger agreement. Under the MOU, J. Alexander’s agreed to make certain supplemental disclosures in its Schedule 14D-9 in exchange for a release and settlement by the purported class of J. Alexander’s shareholders of all claims against J. Alexander’s, its board of directors, FNF and their respective affiliates and agents. FNF and J. Alexander’s are parties to an Amended and Restated Agreement and Plan of Merger, dated July 30, by and among J. Alexander’s, FNF, and certain affiliates of FNF, which was amended on September 5 to increase the offer price from $13.00 per share to $14.50 per share. The Company’s board continues to recommend that J. Alexander’s shareholders tender their shares into FNF’s tender offer and confirmed that no additional offers have been received since J. Alexander’s announced FNF’s revised offer at $14.50. The tender offer is currently set to expire at 5:00 p.m. ET on September 19. | |
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