Corvex Capital Exercises Options and Reiterates Stake in Signet Jewelers Limited (SIG)

Keith Meister’s Corvex Capital, in its latest filing with the Securities and Exchange Commission, revealed that it has fully exercised its call options and acquired 5.37 million shares of Signet Jewelers Limited (LON:SIG) reiterating its stake of 6.26 million shares disclosed earlier. The activist position currently amasses 7.80% of common stock.

Keith Meister

According to the filing, the common stock shares were purchased for a total price of nearly $470 million.

Signet Jewelers Limited (LON:SIG) is the largest specialty jewelry retailer in the U.S. and UK. The company’s U.S. division operates more than 1,400 stores in all 50 states primarily under the name brands of Kay Jewelers and Jared The Galleria Of Jewelry. The company’s UK division operates approximately 500 stores primarily under the name brands of H.Samuel and Ernest Jones.

On Feb. 19, Signet Jewelers Limited (LON:SIG) announced that it has entered into an agreement with Zale Corporation (NYSE:ZLC) to acquire all of the issued and outstanding stock of Zale Corporation (NYSE:ZLC) for $21.00 per share in cash consideration. The transaction would be valued at approximately $1.4 billion, and is subject to Zale stockholder approval, certain regulatory approvals and customary closing conditions.

Meister was activist investor Carl Icahn‘s right hand made prior to the founding of Corvex Capital. The hedge fund was launched in March 2011. Corvex’s largest position as at the end of last year is in Fidelity National Financial Inc (NYSE:FNF), the fund owning nearly 19 million shares, with a reported value of more than $590 million. However, the fund also disclosed recently holding 38.99 million shares of  Williams Companies, Inc. (NYSE:WMB), in which Corvex is part of a group together with Eric Mandelblatt‘s Soroban Capital. Both funds hold 8.78% of Williams’ common stock.

Last month, Corvex and Eric W. Mandelblatt‘s Soroban Capital reported raising their aggregate stake in Williams Companies, Inc. (NYSE:WMB) to 59.99 million shares from 51.21 million shares held earlier.

Disclosure: none

Recommended Reading:

Carl Wiese’s Grow Partners Top Picks in Q4

York Capital Management’s Top Q4 Holdings

A Look at Tekne Capital’s First 13F

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

On the Move: The 10 Fastest Growing Businesses in 2015

Fast Money: The 10 Highest Paying Fast Food Restaurants

Mixing It Up: The 14 Best Music Mashups of 2014

Rito Pls Buff: The 10 Least Played Champions in LoL Season 4

10 Covers of Popular Songs that are Better than the Originals

Must See TV: The 9 Most Anticipated Shows of 2015

The 15 Biggest Box Office Bombs of All Time

10 Things The World Can’t Stand About Americans

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!