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Large shareholder Ancora Advisors proposed paying $11.75 per share, saying the company would be better off private.
Jessica Hagler was named CFO as the company’s longtime CEO Lonnie Stout becomes executive chairman.
The decision could require restaurants to forego the tip credit for side work and untipped activities.
Overall, the varied menu category is flat, up .3% in sales to $23.9 billion and .5% in units to 7,792.
The deal will give J. Alexander's a firm foothold in New England.
Marathon Partners accuses J. Alexander's of "manipulation" in its effort to merge with Ninety Nine Restaurants, says RB's The Bottom Line.
Longtime company executive promoted to the c-suite.
Boasting chef-prepared, American-style dishes with a twist in a casual, upscale setting
The company says the deal would bolster its long-term growth.