Ancora Advisors, LLC made a bid to acquire remaining 91.4% stake in J. Alexander's Holdings, Inc. (NYSE:JAX) from Marathon Focus Fund L.P. and Marathon Partners LP, managed by Marathon Partners Equity Management, LLC, and others for approximately $160 million on April 8, 2019. In consideration, Ancora Advisors will pay $11.75 per share in cash for outstanding shares of J. Alexander's Holdings, representing an enterprise value of approximately $186 million. Under the transaction, Marathon Partners Equity Management, LLC will sell 0.975 million shares (6.6%) of J. Alexander's Holdings. Ancora Advisors expects to finance the acquisition and related fees and expenses with a combination of cash equity invested by Ancora and its affiliates and debt financing from third-party lenders. In addition to rolling Ancora’s existing ownership of J. Alexander's Holdings, Ancora will seek to secure third-party debt financing, and has engaged in initial discussions with potential lenders. The transaction is subject to, among other things, the negotiation and execution of a mutually satisfactory definitive acquisition agreement containing provisions customary for transactions of this type and size, receipt of regulatory approvals, and satisfactory completion of our due diligence. As of April 10, 2019, Marathon Partners Equity Management, LLC recommended that the Board of J. Alexander's Holdings initiate a fair and open auction process and sell J. Alexander’s to the highest bidder. As of April 11, 2019, the Board of Directors of J. Alexander's Holdings, Inc. reviewed and evaluated that the transaction is being undervalued. Board unanimously believes this proposal does not maximize value for all shareholders. The transaction was rejected by the Board of Directors of J. Alexander's Holdings. As on May 28, 2019, Ancora Advisors, LLC sought support to withhold votes from the re-election of Timothy T. Janszen and Ronald B. Maggard, Sr. as directors of J. Alexander's. Ancora Advisors, LLC cancelled the acquisition of 91.4% stake in J. Alexander's Holdings, Inc. (NYSE:JAX) from Marathon Focus Fund L.P. and Marathon Partners LP, managed by Marathon Partners Equity Management, LLC, and others on July 2, 2021. SPB Hospitality LLC entered into an agreement to acquire J. Alexander's Holdings, Inc. (NYSE:JAX) from Ancora Holdings LLC, Newport Global Opportunities Fund I-A LP managed by Newport Global Advisors, L.P. and others for approximately $210 million on July 2, 2021.