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.
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