J. Alexander's Holdings To Be Acquired By SPB Hospitality LLC

(RTTNews) - J. Alexander's Holdings Inc. (JAX), on Friday, said it entered into a merger agreement under which SPB Hospitality LLC would acquire J. Alexander's in an all cash transaction valued at about $220 million.

The company's shareholders would receive $14.00 in cash per share of common stock of the company, representing a 78% premium to the closing share price on February 9, 2021, the last trading day prior to the company's announcement of its commitment to completing the strategic alternatives process, and a premium of about 14% to the price on July 1, 2021.

The deal is expected to be completed early in the fourth quarter of 2021, subject to approval by J. Alexander's shareholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions.