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Zales urges support for deal with Signet Jewelers


Dallas -- Zale Corp. on Thursday restated its support for Signet Jewelers Ltd.'s $1 billion acquisition offer, urging shareholders to support the deal despite opposition from a large investor. The deal, under which Zale stockholders would receive $21.00 per share in cash, has been unanimously approved by the Zale board of directors.

Zale’s investor TIG Advisors LLC has called the deal "grossly unfair," saying the jewelry retailers should be able to get $28.60 a share in cash and stock.

In a statement on Thursday, Zale said there is “significant risk and uncertainty” to its own turnaound plan, which was designed as a stretch plan to challenge management if the chain were it to remain independent.

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