J. Alexander’s investor makes $186M bid to buy chain

The Ohio investment firm that last month said it would begin pushing for big changes at J. Alexander’s Holdings on Monday told the restaurant chain’s board it is prepared to buy the company.

Ancora Advisors CEO and Executive Chairman Fred DiSanto, who with his team manage $6.5 billion and control nearly 9 percent of J. Alexander's, says the 16-year-old firm wants to pay $11.75 per J. Alexander’s share in a deal that would have an enterprise value of $186 million. That per-share price is more than 20 percent above where J. Alexander’s was changing hands before Ancora’s switch last month to an active stance. The last time J. Alexander’s shares traded that high was nearly six months ago.