Fidelity Nat'l To Buy O'Charley's In $221M Deal



Salon Staff
February 6, 2012 7:36PM (UTC)

JACKSONVILLE, Fla. (AP) — Fidelity National Financial Inc. is buying restaurant operator O'Charley's Inc. in a deal valued at about $221 million.

Fidelity already owns about 9.5 percent of O'Charley's outstanding stock.

The company will pay $9.85 per share for the rest, a 42 percent premium to O'Charley's closing stock price Friday of $6.92.

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O'Charley's stock jumped $2.88, or 41.6 percent, to $9.80 in premarket trading.

Fidelity National is an insurance and mortgage services company that already has an investment in American Blue Ribbons Holdings LLC, which runs more than 220 company-owned restaurants and almost 140 franchised restaurants.

O'Charley's, which is based in Nashville, Tenn., operates or franchises 342 restaurants.

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Both companies' boards have unanimously approved the transaction, which is expected to close in the second quarter.


Salon Staff

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