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Dollar General shareholders approve merger with KKR

Jun '07
Dollar General Corporation announced that the proposed merger with Buck Acquisition Corp, an affiliate of Kohlberg Kravis Roberts & Co, L.P. (“KKR”) was approved at a special meeting of shareholders held June 21, 2007.

The Company reported that, of the shares voted, 99 percent were voted in favor of the merger. Approximately 249.8 million shares, or more than 79 percent of the total shares outstanding as of the record date for the special meeting, were voted. Approval of the merger required the affirmative vote of a majority of the shares outstanding.

Under the terms of the merger agreement, at the effective time of the merger, each outstanding share of Dollar General common stock, par value $0.50 per share, will be converted into the right to receive $22.00 in cash, without interest and less any applicable withholding tax.

Dollar General currently anticipates that the effective time of the merger will be on or about July 6, 2007, subject to the satisfaction or waiver of closing conditions.

Following the effective time, shareholders will be sent materials and instructions on how to surrender their shares and receive the merger consideration.

The Company also announced that it had been advised by its Chairman and Chief Executive Officer, David A. Perdue, that he expects to resign from the Company upon completion of the merger.

KKR has advised the Company that KKR expects the Company's current President and Chief Operating Officer, David L. Beré, to be named the Company's interim Chief Executive Officer while a search for a new Chief Executive Officer is undertaken.

“Our shareholders have expressed their overwhelming support of this merger with their votes today,” Mr. Perdue commented.

“This event marks a major milestone in the long and successful history of Dollar General. I believe that the merger is the right next step for Dollar General and I have confidence that KKR is committed to investing for the future competitiveness and growth of this great company.”

Dollar General Corporation

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