Investor advisory firm sides with J. Alexander’s suitor

A prominent governance and proxy advisory firm has agreed with the Ohio investment firm looking to buy J. Alexander’s Holdings and is recommending that the company’s shareholders withhold their votes for two incumbent directors.

Institutional Shareholder Services on Thursday said Ancora Advisors — which has offered to pay $186 million for J. Alexander’s — has made a compelling case for change at the West End-based restaurant chain, which has rebuffed Ancora’s advances and this week called the firm’s buyout offer “spurious.”