Dive Brief:

• Akron-OH-based Signet Jewelers Limited Thursday said its acquisition of jewelry retailer Zale is complete. Signet acquired Irving, TX-based Zale Corp for $21 a share, or $690 million. The deal is worth $1.46 billion.

• Despite a challenge from New York City-based hedge fund TIG Advisors LLC, which owned 9.5% of Zale Corp., a majority of Zale’s shareholders approved the deal Thursday.

• The merger creates the world’s largest retail jewelry company with $6.2 billion in yearly sales and 3,600 stores.

Dive Insight:

In addition to TIG Advisors, two other hedge funds that also didn’t vote for the deal are considering taking things to court to ask a judge to appraise their shares. It’s a move to squeeze more money from the buyout, a process known as “appraisal arbitrage” that is becoming more popular with hedge funds that say share prices in an acquisition are too low.