Buy diamonds, jewelry engagement rings and wedding rings from Helzberg Diamonds. Signet shares closed Tuesday down 12% at $59.75. Discover ethically sourced diamonds with the highest quality standards. Representatives for Blue Nile, Mudrick and Bain didn't immediately respond to CNBC's request for comment on why the deal fell through. In 1998, online shopping was opened at Corporate restructuring In 1957, Zales Jewelers opened its first store in a shopping centera major shift from operating only in downtown locations. SPAC deals' performance has lagged the broader market as investors lose appetite for riskier growth names.īlue Nile recorded revenue of more than $500 million in calendar 2021.
The person requested anonymity because the talks are private. Also, this person added, Bain was eager to cash out of the company and Signet had approached Blue Nile already last year about an acquisition. In 2016, Blue Nile was taken private by Bain Capital Private Equity and Bow Street, a private investment firm, in a $500 million deal.Ī person familiar with the talks between Mudrick and Blue Nile said their exclusive window was about to expire. And it would have marked Blue Nile's return to the public markets. The merger had valued the combined business at the time at $873 million. had said they agreed to combine in a deal that would allow the jewelry brand to go public via a SPAC. It said the transaction will likely not be accretive to the business, however, until the fourth quarter of fiscal 2024.Įven in a down market, Drosos said, the company's strong balance sheet and "dry powder" allowed it to fund an acquisition of Blue Nile to grow market share.Įarlier this year, Blue Nile and special purpose acquisition company Mudrick Capital Acquisition Corp. Signet said the deal, which will be funded with cash on hand, is expected to close in the fiscal third quarter. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower SHOP THREE STONE Wedding Bands From simple gold bands to elegant diamond styles, find the perfect wedding band to symbolize your love and commitment. Best Debt Consolidation Loans for Bad Credit
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