Date set for shareholder vote on Signet-Zale deal
April 18, 2014
Dallas--Zale Corp. announced late Thursday that its shareholders will vote on the company’s proposed acquisition by Signet Jewelers Ltd. at a special meeting scheduled for May 29.
The meeting will take place at 8 a.m. CDT at the company’s headquarters in Irving, Texas. Stockholders of record as of the close of business on April 30 will be entitled to notice of, and to vote at, the special meeting.
Shareholder approval is needed for the acquisition, which cleared a major regulatory hurdle earlier this month, to move forward. The deal is also subject to certain other customary closing conditions.
On April 7, the retailers, which are the two largest jewelers in the United States, issued a joint statement that the waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act of 1976 had passed without the U.S. Department of Justice or the Federal Trade Commission asking for any additional
The transaction, in other words, didn’t raise any red flags with U.S. antitrust authorities.
Shareholder approval is the next step in advancing the acquisition, which is expected to be complete by the end of 2014.
If approved, the merger of Signet and Zale would create one of the largest chains of specialty jewelry stores in the world, encompassing approximately 3,600 stores in the U.S., the United Kingdom and Canada and bringing well-known names such as Kay Jewelers, Zales, Piercing Pagoda and Jared the Galleria of Jewelry under the same umbrella.
The deal, announced in February, is worth a total of $1.4 billion.