Zale received an unsolicited takeover offer.

Zale Corp., a jewelry retailer with over 1,500 outlets worldwide, said it received an unsolicited merger proposal worth at least $434 million from People’s Jewelers of Toronto. Donald Zale, chairman and chief executive, said in a prepared statement that the founding Zale and Lipshy families, which control about 30% of the Dallas-based company’s 12.4 million shares, probably will oppose the bid. Zale battled with People’s for almost four months after the Canadian company began purchasing Zale stock in November, 1980. The companies reached an agreement on Feb. 20, 1981, that allowed People’s to hold up to a 21% stake in Zale. People’s owns about 15% of the company’s common shares.