Canadian Jeweler to Buy Mayor’s

Mayor's Jewelers Inc., Sunrise, Fla., announced on May 20 that it had reached an agreement in principle with Henry Birks & Sons Holdings Inc., a leading designer, manufacturer, and retailer of fine jewelry in Canada, to take control of Mayor's. Under the agreement, Birks will pay Mayor's $11.5 million for 58% of common stock and will have the option of purchasing an additional 10% of the common stock at $50 per share. Birks will be able to elect a majority of the board of directors of Mayor's. Under a series of agreements between the two companies, Birks will provide management, merchandising, and sales support to Mayor's. Completion of the transaction is subject to certain conditions, including execution of definitive agreements (which the parties hoped to accomplish in June) and a vote by Mayor's stockholders. The transaction with Birks was unanimously approved by the directors
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