» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 38 | NO. 51 | Friday, December 19, 2014

Family Dollar delays vote on Dollar Tree deal

Print | Front Page | Email this story

MATTHEWS, N.C. (AP) — Family Dollar says it has delayed a shareholder vote on its proposed acquisition by Dollar Tree until Jan. 22.

The Matthews, North Carolina-based discount retailer held a special meeting Tuesday for shareholders to vote on the deal. But the company says there were insufficient votes and the decision was delayed.

Family Dollar Stores Inc. has been courting multiple buyout offers.

The company agreed this summer to be acquired by competing retailer Dollar Tree Inc. for $8.5 billion, or $74.50 per share. It rejected a $9.1 billion offer from retailer Dollar General, saying the businesses are too similar and they would face antitrust concerns.

A Delaware judge said Friday that shareholders could vote on the Dollar Tree deal. Some shareholders wanted the vote postponed until the board reviews a potential deal with Dollar General further. The judge determined that Family Dollar's board acted reasonably in not negotiating with Dollar General, because of antitrust risks and uncertainty that regulators would approve the deal.

Still, Dollar General Corp. on Tuesday extended its offer to acquire the company for $80 per share until Jan. 30. The offer was previously set to expire on Dec. 31. It said about 3.4 million Family Dollar shares had been tendered so far, about 3 percent of the retailer's shares outstanding.

Shares of Family Dollar increased 26 cents to $79.38 by midmorning Tuesday.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0