Zale Corp.’s pending merger with Signet Jewelers Ltd. has hit a large stumbling block.
TIG Advisors LLC, an investment fund that holds 9.5 percent of Zale’s common stock, has come out in opposition to the merger, calling it “grossly unfair to Zale stockholders.” TIG claims the acquisition undervalues Zale and fails to recognize the retailer’s worth based on projections provided since the February merger agreement.
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