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May 20, 2014
07:43 EDTSIG, ZLCZale sends letter to TIG Advisors
Zale Corporation (ZLC) sent a letter to TIG Advisors responding to the numerous inaccuracies and misrepresentations put forth by TIG with respect to the proposed transaction with Signet Jewelers Limited (SIG), under which Zale stockholders will receive $21.00 cash per share consideration. Zale Chairman Terry Burman says "On behalf of Zale and its Board of Directors, I am writing in response to the presentations and letters you have issued regarding the Company’s pending transaction with Signet Jewelers Limited. We welcome your viewpoints and opinions, as we do with all other Zale stockholders; however, our Board believes that the Signet transaction, which was the outcome of a thorough and comprehensive process and extensive negotiations with Signet, is in the best interests of the Company’s stockholders as it provides a substantial premium, certain and immediate liquidity and compelling value to all Zale stockholders. As such, the Board has unanimously approved the transaction with Signet. We are taking this opportunity to set the record straight on the numerous inaccuracies and misrepresentations asserted by TIG Advisors, LLC in its recent communications, which exemplify TIG’s approach to this investment as short-term opportunists who are clearly ignoring the risks they are imposing on Zale’s long-term stockholders. The Board determined that the $21.00 cash per share consideration represents immediate and certain value for the company’s stockholders, providing a compelling present value for achieving the EBITDA targets in the company’s three-year business plan, while also eliminating the risk to Zale stockholders of failing to achieve those targets."
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