Institutional Shareholder Services Thursday sided with the buyer and seller, and against the dissident shareholder, in the battle over Signet Jewelers Ltd.’s deal to purchase Zale Corp. for $1.4 billion, or $21 a share.
The ISS determination comes one week before a special meeting of Zale shareholders to approve or reject the acquisition. TIG Advisors LLC, which owns 9.5 percent of Zale’s stock, has indicated it intends to vote against the deal, claiming it undervalues Zale and its potential for stronger operating results in the wake of its turnaround. Although it supported the combination of the two companies, TIG claimed that a price of about $28.60 a share would have been more appropriate based on projections provided by the two firms since they agreed to a deal in February.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)