A Canadian company made its third bid for Zale.

Peoples Jewellers’ latest offer for the Dallas-based jewelry retailer is valued at more than $500 million and raises the cash portion of its previous bid, but Zale denounced it as inadequate. Chairman Donald Zale said the offer will be submitted to the Zale board with the “strong recommendation that it be rejected.” After rejecting two previous bids, Zale approved a restructuring plan to streamline its operations.