TIG Urges Zale To Reject Signet Bid; Uses Language 'Oppose'

Friday, May 9, 2014, shares of diamond retailer, Zale Corporation ZLC, jumped three percent to $21.81 and turned positive after TIG Advisors urged shareholders of Zale to ‘oppose' the Signet Jewelers 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% 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.