P.M. BRIEFING : Ratners May Alter Offer for Kay
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LONDON — Britain’s largest jewelry chain, Ratners Group PLC, said today that it is holding talks to revise the terms of its offer to bondholders as part of its $328-million takeover bid for the U.S.-based Kay Jewelers Inc.
Ratners said it has extended the deadline for its bond offer until midnight today. It declined to say how much of the debt has been tendered so far.
The statement from the company said it is currently negotiating revising terms of its offer with representatives of the holders of each class of the notes, but the company declined to elaborate.
The addition of Kay’s 494 stores would increase Ratners’ U.S. outlets to nearly 1,000, making it the United States’ second-largest jeweler after Zales.
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