A tender offer for Zale was completed.

Peoples Jewellers Ltd. of Toronto and Swarovski International Holding AG of Zurich completed their joint tender offer to acquire the Dallas-based jewelry retailer for about $560 million. On Friday, Peoples President Irving Gerstein was elected president and chief executive of Zale, and Zale’s directors--other than Gerstein and two other Peoples designees on the board, Bertrand Gerstein and James Gillies--resigned. Zale operates 1,500 jewelry stores in the United States and abroad. It had sales of $1.1 billion last year.