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TIG Urges Zale To Reject Signet Bid

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Shares of diamond retailer Zale (NYSE: ZLC) on Friday jumped three percent to $21.81 and turned positive after TIG Advisors urged shareholders of Zale to ‘oppose' the Signet Jewelers (NYSE: SIG) bid.

TIG said it believes the value should be at least $12.50/share in cash plus 0.158 SIG shares, representing a total value of ~$28.60/share of ZLC.

Additionally, the company filed a 13D which showed a 9.5 percent stake in Zale, and also included the language it "opposes" the company's merger with Signet Jewelers.

Shares of Signet Jewelers are down one percent to $100.94.

Posted-In: TIG AdvisorsNews

 

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