TribLIVE

| Business


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

Signet Jewelers to buy Zale for about $900M

About The Tribune-Review
The Tribune-Review can be reached via e-mail or at 412-321-6460.
Contact Us | Video | Photo Reprints

By The Associated Press

Published: 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. Pandora sued by record companies
  2. Chocolate prices expected to soar as ingredients grow more expensive
  3. Squeezed by competition, Chobani to expand offerings
  4. Investment in Western Pa. startups reaches 5-year high
  5. Shale pioneer hires Chesapeake for drilling job
  6. Pa. unemployment rate falls to lowest since 2008; 12,000 more enter workforce
  7. Mazda recalls 109,000 older SUVs
  8. Under the Hood: A chance to take top cars for a spin
  9. Chrysler’s Easter eggs fun for vehicle owners
  10. How’s your doctor doing? Comparison shop online
  11. Jetta Value is easy on wallet, fuel
Subscribe today! Click here for our subscription offers.