Signet Jewelers to buy Zale for about $900M
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
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Consol Energy posts $25 million loss despite gas gains
- Hotels, restaurants lead job additions in Pittsburgh region
- Investors content with pace on stocks even in face of good news
- Lenders could move against Anchor Hocking as extension expires
- Hiring in shale industry shifts to engineering, construction workers
- GNC revenue, sales drop, but vitamin retailer says plan in place
- U.S. Steel’s 2Q loss beats analysts’ estimates
- State to seek comments on drilling below Loyalsock State Forest