Zale investor TIG Advisors opposes Signet acquisition price

Zale (ZLC) investor TIG Advisors urges shareholders to join it at a special May 29 meeting of shareholders in opposing a $1.4B takeover by Signet Jewelers (SIG), arguing that the $21/share offer is "grossly unfair."

Instead of the price the two diamond sellers agreed upon, TIG says it should be able to get $28.60/share in cash and stock, according to an SEC filing from the 9.5% owner of ZLC shares.

ZLC rose 3.2% today, rising sharply toward the end of the session after TIG filed its position; SIG closed 1% lower.

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