Zale Investor Sues To Stop $690M Signet Merger

Law360, New York (March 7, 2014, 5:10 PM EST) -- A Zale Corp. shareholder filed a class action Thursday in Delaware Chancery Court, accusing the private equity-backed jeweler of breaching its fiduciary duty by letting Signet Jewelers Ltd. acquire it for only $690 million.

Signet, the largest retail jeweler in the U.S. and U.K., agreed in February to acquire all of Zale's issued and outstanding stock for $21 per share, which translates to approximately $690 million in cash. Factoring in debt, the deal represents an enterprise value of $1.4 billion. Lead plaintiff Mary Smart wasn't happy with...
To view the full article, register now.