Zale Chair Blasts TIG's Objections To $690M Signet Merger

By Linda Chiem (May 20, 2014, 6:45 PM EDT) -- In a growing war of words, Zale Corp.'s board chairman on Tuesday defended the jeweler's proposed $690 million merger with Signet Jewelers Ltd., blasting investor TIG Advisors LLC for being "short-term opportunists" in criticizing the adequacy of the offer.

In an open letter to TIG Advisors portfolio manager Drew Figdor on Tuesday, Zale Chairman Terry Burman maintained that Signet's $21-per-share offer for Zale provides a substantial premium, certain and immediate liquidity, and compelling value to all Zale stockholders. Burman fired off a litany of defenses to TIG's recent claims that the Signet deal failed to provide fair value or was the...

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