RAPAPORT
Investment fund, Breeden Capital Management bought a 7.7 percent stake in Zale Corporation for approximately $83.57 million, according to a filing on the United States Securities and Exchange Commission.
Breeden said it acquired the 3,784,639 shares for investment purposes because it believes the shares are “undervalued in the marketplace." Zale shares were up 6 percent to $25.31 at 11:20 a.m. New York time September 19, 2007. Breeden said it has been in discussions with members of Zale’s board of directors relating to the jewelry retail business operations, and added that it would continue to communicate with the board in this regard. The fund added that it had no intention of acquiring control of Zale. |
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RAPAPORT
Information that means Business |