Specialty retail jeweler Signet Jewelers Ltd. (SIG: Quote) announced Wednesday that it agreed to acquire smaller rival Zale Corp. (ZLC: Quote) for $21.00 per share in cash in a deal valued at about $1.4 billion.
Signet Jewelers gapped open dramatically higher Wednesday and climbed throughout the first hour of trade, before settling into a range. Shares finished with a gain of 14.38 at $93.65 on the highest volume of the year. The stock soared to a new high for the year.
Zale gapped open sharply higher Wednesday, but moved in a narrow range throughout the session. The stock closed up by 6.01 at $20.92 on the highest volume of the year. Zale jumped to a new high for the year.
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by RTT Staff Writer
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