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Signet Jewelers Ltd to acquire Zale Corporation

Wednesday, 19 Feb 2014 07:02am EST 

Signet Jewelers Ltd and Zale Corporation:Says they have entered into a definitive agreement for Signet to acquire all of the issued and outstanding stock of Zale for $21.00 per share in cash consideration.Says Signet's offer represents a premium of 41pct over Zale's closing price as of Feb 18.Says the transaction would be valued at about $1.4 billion.Says the acquisition is expected to be financed through bank debt, other debt financing and the securitization of a significant portion of Signet's accounts receivable portfolio.Says J.P. Morgan Securities LLC acted as exclusive financial advisor and provided a fairness opinion to the board of Signet and J.P. Morgan Chase Bank, N.A. committed to provide bridge financing for the transaction.Says Weil, Gotshal & Manges LLP acted as legal counsel to Signet in connection with the transaction.Says BofA Merrill Lynch acted as exclusive financial advisor and Cravath, Swaine & Moore LLP acted as legal counsel to Zale in connection with the transaction. 

Company Quote

1.88 +1.60%
30 Oct 2014