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Family Dollar confirms receipt of Dollar General proposal

September 03, 2014 (United States Of America)

NYSE-listed Family Dollar Stores confirmed that it has received a revised, non-binding, unsolicited proposal from Dollar General to acquire all of the outstanding common shares of Family Dollar.

Family Dollar said its Board of Directors, in consultation with its legal and financial advisors, will review and consider the revised proposal.

However, the retailer added that its Board has not changed its recommendation in support of the merger with Dollar Tree.

Family Dollar also said it will not comment further Dollar General’s proposal until the Board has completed its review.

Following a rejection of its earlier proposal of $78.50 per share, Dollar General sent an enhanced acquisition proposal for Family Dollar Stores on September 1.

Dollar General said it would increase its all-cash proposal for all outstanding shares of Family Dollar to $80.00 per share, up $1.50 per share from its first proposal.

On July 28, Dollar Tree had bid for Family Dollar in a cash and stock transaction at a consideration of $74.50 per share, a 22.8% premium over Family Dollar’s closing price as of July 25, 2014.

However on August 18, rival 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.

On August 25, the Board of Family Dollar, however recommended support of merger agreement with Dollar Tree, while rejecting the non-binding proposal made by Dollar General citing antitrust regulatory considerations. (AR)


Fibre2fashion News Desk - India
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