TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Signet Jewelers to buy Zale for about $900M

By The Associated Press
Thursday, Feb. 20, 2014, 12:01 a.m.
 

Two diamond sellers are getting engaged.

Signet Jewelers said on Wednesday that it agreed to buy Zale Corp. for roughly $900 million to help it expand in North America.

Shares of Zale soared more than 40 percent in premarket trading, while Bermuda-based Signet Jewelers Ltd.'s stock rose more than 9 percent.

Signet, which operates 1,400 U.S. stores under the names Kay Jewelers and Jared The Galleria of Jewelry and 500 stores in the U.K. under the names H. Samuel and Ernest Jones, said it will pay $21 per share. That's a 41 percent premium to Zale's $14.91 Tuesday closing price.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Sears leaving Century III after 3 decades in West Mifflin
  2. Finleyville maker of luxury kids’ structures learns from housing bust
  3. Coal gathering opens with dour assessment, political vitriol
  4. UPMC buying New Castle-based Jameson Health System
  5. Existing home sales fall in August, snapping streak of gains
  6. Treasury plans steps to curb tax inversions
  7. Stocks slip on China growth jitters
  8. Balancing gas pipeline expansion, environmental unease a problem in Pa.
  9. More companies embrace exchanges to curb health care costs
  10. Hospitals turn to technology to tear down language barriers with patients
  11. MarksJarvis: Benefits, not just pay, hit the skids
Subscribe today! Click here for our subscription offers.