LONDON (Alliance News) - Signet Jewelers Ltd said Friday that it has entered into a settlement agreement with former stockholders of Zale Corporation following its acquisition of Zale last June.
Signet agreed to buy the stock for USD21.00 per share, valuing the company at about USD1.4 billion.
Following the acquisition two former Zale stockholders, who alleged a combined ownership over 3.904 million shares of Zale, a further stockholder who alleged ownership over 2.427 million shares, and several other former stockholders who alleged ownership over 2.427 million shares, filed petitions for appraisal, seeking a fair value on their shares, among other things.
Signet has agreed to pay USD21.00 per share, plus a total of USD34.25 million of interest, to be allocated amongst the petitioners.
The appraisal action has been dismissed following the settlement agreement for all former stockholders that had submitted and not withdrawn a demand for appraisal.
Shares in Signet were down 1.1% at 7,649.90 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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