Zale Corporation (2.2%) (ZLC, Financial)(ZLC - $20.91 - NYSE) is a specialty jeweler based in Texas, with locations throughout North America. On February 19, 2014, Signet Jewelers Limited, a competitor with locations in the U.S. and UK, announced it would acquire Zale for $21 cash per share in a $1.4 billion merger to diversify and expand the business. The merger is expected to close by the end of 2014, after receiving the approval of Zale shareholders as well as regulators.
From Mario Gabelli (Trades, Portfolio)'s first quarter 2014 ABC Fund commentary.
