Retail
Dollar General Not Giving Up on Family Dollar Acquisition
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In a terse press release just after the lunch hour, Dollar General said:
In response to the decision by the Board of Directors of Family Dollar Stores, Inc. (FDO) to reject Dollar General’s enhanced all-cash proposal to acquire all outstanding shares of Family Dollar for $80.00 per share, Dollar General Corporation (DG) today stated that it remains committed to acquiring Family Dollar and is currently evaluating its next steps.
Except for a shout-out to its financial adviser and its lawyers, that was all Dollar General had to say. The good news for Family Dollar is that it gave the shares a bit of a bump from the intra-day low of $78.75 to around $79.00.
Dollar General has promised (threatened?) to take its latest offer directly to shareholders if Family Dollar rejected it. We shall see how that works out. The company’s chairman/CEO (and son of the company’s founder) and Nelson Peltz’s Trian Fund Management together own about 16% of Family Dollar’s stock.
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