Zale Corp. plans to sell a minority stake to Golden Gate Capital Corp., according to news reports.

According to a Dallas news report, Golden Gate’s offer was selected over proposals from Centerbridge Capital Partners LLC and Texas Pacific Group, said people familiar with the decision who didn’t want to be identified before an announcement. The companies will enter exclusive talks, and a transaction still could fall apart.

Zale stock surged Wednesday; shares closed up nearly 7 percent at $3.40.

JCK