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Signet completes acquiring Zale
Zale shareholders give their nod
By: Diamond World News Service
May 30 2014 6:48PM
Reference: 9176  

At a special meeting, majority of the shareholders of Zale Corporation sanctioned approval for Signet Jewelers Limited to take over Zale Corporation. With this Signet completed the acquisition of its rival and now will operate a network of 3,600 locations under the major retail store brands of Kay, Jared, and Zales in the US; H.Samuel and Ernest Jones in the UK; and People's in Canada. Signet also now operates kiosks in the US under the brand Piercing Pagoda.

The acquisition is for $21 per share in cash and a total consideration of $1.46 billion.

Signet is the largest specialty retail jeweler in the US and the UK, while Zale held a leading position in fine jewellery retail in North America. "Having now closed the acquisition of the Zale Corporation, we have entered a new era of growth and transformation for our Company and our people," said Mike Barnes, Signet Chief Executive Officer.

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