Nov. 25, 2014, 7:05 AM
Nov. 24, 2014, 5:30 PM
Oct. 14, 2014, 11:16 AM
Aug. 28, 2014, 9:32 AM
Aug. 28, 2014, 9:25 AM
Aug. 28, 2014, 7:14 AM
- Signet (NYSE:SIG) reports same-store sales rose 4.8% in Q2. Organic same-store sales were up 6.3%.
- E-commerce sales +61.9% to $50.5M.
- Gross profit rate -180 bps to 33.4%.
- SG&A expense ratio +260 bps to 31.0%.
- Inventory +65.4% to $2.35B.
- Guidance: The company sees same-store sales rising 2% to 4%.
- Results include 48 days of performance from the Zale division.
Aug. 28, 2014, 7:07 AM
Aug. 27, 2014, 5:30 PM
Aug. 26, 2014, 10:03 AM
Jun. 16, 2014, 1:24 PM
May 29, 2014, 5:22 PM
- Signet Jewelers (SIG) completes its $1.46B acquisition of Zale (ZLC) after winning approval from a majority of ZLC shareholders. overcoming opposition from some major shareholders (I, II) and proxy adviser Glass Lewis.
- SIG, already the largest U.S. operator of jewelry stores before the deal, is now nearly 3x bigger than the upscale Tiffany (TIF) in terms of U.S. sales, with a 14.6% market share.
- SIG says it expects the acquisition will increase its per-share earnings in the high single-digits on a percentage basis after a year, and generate cost savings of $100M after three years.
- SIG +3.5% in today's trade.
May 23, 2014, 6:16 PM
- Mario Gabelli becomes the second large Zale's (ZLC) shareholder to come out against the proposed sale to Signet (SIG), saying he may seek a second opinion on the deal's $21/share price in court.
- Gabelli, whose funds own 7.45% of ZLC, says in an SEC filing he had "commenced the process to be able to assert appraisal rights" - a legal process that lets shareholders reject a merger deal and instead ask a judge to independently value their shares.
- Another large Zale investor, TIG Advisors, is trying to rally opposition to the sale ahead of a vote set for next Thursday, but Golden Gate Capital, which controls 23% of ZLC, plans to vote in favor of the deal.
May 23, 2014, 3:08 PM
May 22, 2014, 7:10 AM
May 16, 2014, 1:07 PM
- The efforts of Signet (SIG +0.1%) to acquire Zale (ZLC +0.8%) could be done in by deal adviser Bank of America Merrill Lynch's failure to disclose a conflict of interest.
- BAML delivered a presentation to Signet last October in which it recommended to the company it make an offer to buy Zale for $17 to $21 per share. The investment bank then turned around to rep Zale in the merger talks while disclosing only "limited" prior relationships with Signet, according to The New York Times.
- The apparent foul-up gives TIG Advisors even more ammunition to convince other Zale shareholders to oppose the merger.
May 9, 2014, 5:54 PM
- 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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