Signet to acquire Zale for about $690 mln

Wed Feb 19, 2014 7:31am EST

Feb 19 (Reuters) - Kay Jewelers parent Signet Jewelers Ltd said it would acquire smaller rival Zale Corp for $21 per share in cash, valuing the mid-tier jeweler at about $690 million.

The offer represents a premium of about 41 percent to Zale's close of $14.91 on the New York Stock Exchange on Tuesday.