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The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)
APR-01
Sunrise, Fla.-Based Mayor's Jewelers Explores Sale, Merger.
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Sunrise, Fla.-Based Mayor's Jewelers Explores Sale, Merger.
Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News) Publication Date: 25-APR-01 |
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COPYRIGHT 2001 The Miami Herald
Byline: Patrick Danner
Apr. 25--Sunrise-based Mayor's Jewelers directed an investment banking firm Monday to explore ways of raising shareholder value of the jewelry retailer, including a possible sale or merger of the money-losing operation.
The value of the 35-store chain's assets is about $7 a share, but its stock has traded well below that figure, an indication that the company is undervalued by investors. The stock rose 16 cents Monday to close at $4.
"There's not a relationship between the value of the stock and the value of the company," said David Boudreau, Mayor's chief financial officer. "That's what this process is about. We're trying to reconcile the two."
Boudreau denied that Mayor's is bowing to shareholder pressure. For two months, Hollywood's Eliahu Ben-Shmuel, a former...
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