Kay Jewelers to buy Zale in $690M deal

Kay Jewelers parent Signet Jewelers Ltd. agreed to buy smaller rival Zale Corp. for about $690 million, cementing its position as the largest North American jewelry chain.

The offer for the company, about $21 per share, represents a premium of roughly 41 percent to Zale's close on the New York Stock Exchange Tuesday, according to Fox News.

The companied company would have 3,600 stores in North America and Britain.

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