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Dollar General now bids for Family Dollar at higher price

August 19, 2014 (United States Of America)

Following a proposal from Dollar Tree on July 28 to acquire Family Dollar Stores, Dollar General has now thrown in its bid to acquire Family Dollar, at a price higher than the one quoted by Dollar Tree.

Dollar General said it will pay $78.50 per share in cash in a transaction valued at $9.7 billion to Family Dollar shareholders, substantially up from $74.50 per share cash / stock offered by Dollar Tree last month.

This transaction, Dollar General said, would deliver increased consideration and immediate liquidity to Family Dollar's shareholders and represents a compelling opportunity to create value for Dollar General shareholders.

The combination would solidify Dollar General's position as the largest small-box discount retailer in the US with nearly 20,000 stores in 46 states and sales of over $28 billion.

"For Family Dollar shareholders, our proposal is financially superior to the current transaction agreement with Dollar Tree and would provide them with a substantial premium and immediate liquidity for their shares," said Rick Dreiling, Dollar General's CEO.

"For Dollar General shareholders, the proposed combination of Dollar General and Family Dollar would be a significant strategic opportunity to create immediate and lasting shareholder value”, he added.


Fibre2fashion News Desk - India
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