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Stock Market & Financial Investment News

News Breaks
May 9, 2014
14:48 EDTZLC, SIGTIG Advisors opposes Zale merger with Signet Jewelers
TIG Advisors, a stockholder of Zale Corporation (ZLC), owning approximately 9.5% of its outstanding shares of common stock, intends to vote against Zale’s proposed merger with Signet Jewelers (SIG) at the upcoming special meeting of stockholders scheduled to be held on Thursday, May 29. TIG Advisors intends to file a preliminary proxy statement with the SEC in connection with its solicitation of proxies against the Zale Merger. TIG Advisors urges all fellow shareholders to join it in voting AGAINST the proposed merger. Shareholders may also choose to withhold quorum by not voting on the merger and thus delay their vote on the proposed merger until a later date. “We believe the current offer price of $21 per share is grossly unfair to current shareholders. Shareholders are not being paid a fair value for the margin expansion opportunity they already own, much less a premium. The transfer of value to Signet shareholders and the lopsided sharing of deal synergies could not be seen more clearly than by comparing the $1.4B of value accretion that Signet shareholders have enjoyed versus the $286M premium paid for Zale shares. Said another way, Signet holders have benefited 5x the amount that Zale holders have,” said Drew Figdor, Portfolio Manager.
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