WASHINGTON (dpa-AFX) - O'Charley's Inc. (CHUX) announced the expiration of the 'go-shop' period pursuant to the terms of the prior announced merger deal, dated as of February 5, 2012, contemplating the acquisition of O'Charley's by an affiliate of Fidelity National Financial Inc. (FNF). The 'go-shop' period expired at 11:59 p.m., New York City time, on March 6, 2012. During the 'go-shop' period, O'Charley's and its representatives solicited inquiries and engaged in discussions with third parties relating to a purchase proposal, in accordance with O'Charley's right to do so under the merger deal.
Despite a broad solicitation of potentially interested strategic and financial parties, no party submitted a proposal to buy O'Charley's during the 'go-shop' period. Fred Merger Sub Inc., an affiliate of FNF, commenced a tender offer on February 27, 2012 for all of the outstanding shares of O'Charley's at a price of $9.85 per share cash, payable without interest and less any applicable withholding taxes.
As per the merger deal, after completion of the tender offer and the satisfaction or waiver of all conditions, Fred Merger Sub Inc. would merge with and into O'Charley's and all outstanding shares of O'Charley's, other than shares held by FNF, Fred Merger Sub Inc. or O'Charley's, would be converted into the right to receive cash equal to the $9.85 offer price per share.
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© 2012 AFX News
