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'Still committed to acquiring Family Dollar' - Dollar General
09
Sep '14
Despite the Family Dollar Board of Directors rejecting its second takeover proposal, Dollar General said it remains committed to acquiring its rival.

In a statement, Dollar General stated that it remains committed to acquiring Family Dollar and is currently evaluating its next steps.

Last week, the Family Dollar Board of Directors had once again rejected the new Dollar General proposal by once again citing that the proposal will not be able to overcome anti-trust regulations.

Dollar General had increased 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.

Howard Levine, CEO at Family Dollar said last week, “We reviewed all aspects of Dollar General’s revised proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed.

“There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process. Accordingly, we have rejected Dollar General’s revised proposal and reaffirmed our support of the transaction with Dollar Tree.

“The Dollar Tree proposal delivers attractive value in the form of immediate upfront cash and upside participation in a combined Dollar Tree-Family Dollar entity, as well as closing certainty.”

With more than 11,500 stores in 40 states, Dollar General has more retail locations than any retailer in America. (AR)

Fibre2fashion News Desk - India

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