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GOODLETTSVILLE, Tenn. — Dollar General Corp. is again extending the deadline on its $80-a-share tender offer to buy Family Dollar Stores Inc., as just 4.1 million shares have been validly tendered and not withdrawn.
Dollar General Corp. is again extending the deadline on its $80-a-share tender offer to buy Family Dollar Stores Inc., as just 4.1 million shares have been validly tendered and not withdrawn.
Family Dollar has more than 114 million shares outstanding.
Dollar General extended the deadline by two months, until December 31. Initially, it had set an October 8 deadline.
Dollar General opted for a hostile takeover after Family Dollar directors rebuffed the rival’s repeated efforts to negotiate a merger.
Instead, Family Dollar’s board has unanimously backed an offer of $74.50 per share from Dollar Tree Stores Inc. Family Dollar directors assert that the Dollar General bid is unlikely to win approval from federal antitrust regulators. Family Dollar shareholders will vote December 11 on the proposed merger with Dollar Tree Stores.
For that deal to move forward, a majority of Family Dollar stockholders of record as of October 30 must vote in favor of the marriage.
The companies would like to complete the deal by year’s end.
