Zale Corp. will not consider a takeover bid.

The board determined that it would be inappropriate to consider a previously announced proposal by Peoples Jewellers of Toronto to buy the 85% of Zale that it does not already own. Directors voted after being informed that holders of 32.3% of Zale's outstanding stock had indicated in an SEC filing that they would oppose the merger. The filing was by members of the Zale and Lipshy families. Any merger involving Zale would require the approval of two-thirds of all shareholders.

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