Zale Corp. said it remains opposed to a merger.

Despite People’s Jewellers Ltd. raising its bid for Zale to more than $474 million, the nation’s largest jewelry retailer says it remains opposed to being acquired by the Canadian firm. Members of the Zale and Lipshy families, who are relatives of the company’s founder, Morris B. Zale, control about one-third of Zale’s 12.4 million common shares outstanding. People’s owns another 15%. Under the sweetened bid, People’s would exchange $45 in cash and preferred stock for each of Zale’s common shares that it does not already own, and the current preferred holders would get $36 in cash and preferred stock.