This morning, Signet Jewelers (NYSE:SIG) announced that it would acquire Zale (ZLC) for approximately $690 million, or $21 per share. Including debt, the deal's value balloons to $1.4 billion and represents a 40% premium to yesterday's closing price. While the deal requires the approval of shareholders, Signet said it had already entered into an agreement with Golden Gate Capital to support the deal. Golden Gate Capital owns approximately 22% of Zale. On the news, shares of Zale were higher by more than 40% while Signet climbed more than 13% on the news.
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