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MATTHEWS, N.C. — Family Dollar Stores Inc. shareholders on Thursday approved the proposed sale of the company to Dollar Tree Inc.
Family Dollar Stores Inc. shareholders on Thursday approved the proposed sale of the company to Dollar Tree Inc.
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Family Dollar released preliminary results of the shareholder vote showing that 74% of total shares outstanding were voted in favor of the deal. That tally represented 89% of the shares voted. There were 114 million shares outstanding as of October 30, Family Dollar said.
"We are pleased with the outcome of today’s vote, and I want to thank Family Dollar stockholders for their support throughout this process," said Howard Levine, Family Dollar’s chairman and chief executive officer. "The Family Dollar board of directors and management team have worked diligently to advance the best interests of all of the company’s stockholders, and we are grateful for the support we received for the merger proposal. We are also very appreciative of Family Dollar’s talented and committed team members, who have remained focused on serving our customers throughout this process. We look forward to completing the transaction with Dollar Tree and remain excited about the opportunity that this combination will create for our stockholders, team members, customers and other stakeholders."
The proposed deal remains subject to approval by the Federal Trade Commission. FTC clearance could come as soon as March, Family Dollar said.
