Law360, New York (February 19, 2014, 1:16 PM EST) -- Retail jeweler Signet Jewelers Ltd. will acquire rival Texas-based, private equity-backed jeweler Zale Corp. for approximately $690 million in cash, in a deal that values Zale at $1.4 billion and allows Signet to diversify its business and bolster its North American footprint, the companies announced Wednesday.
Signet, the largest retail jeweler in the U.S. and the U.K., will acquire all of the issued and outstanding stock of Zale for $21 per share, which translates to approximately $690 million in cash. When factoring in debt, the deal represents an enterprise value of $1.4 billion. The $21-per-share offer represents a 41 percent premium...
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