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Dollar General raises Family Dollar bid to $9.1 billion
http://www.fayobserver.com/news/business/dollar-general-raises-family-dollar-bid-to-billion/article_c5ed00ab-c675-5af9-8a4d-5d84f1683b1a.htmlDollar General raises Family Dollar bid to $9.1 billion
Posted: Wednesday, September 3, 2014 7:16 am
GOODLETTSVILLE, Tenn.- Dollar General upped its bid for the rival Family Dollar chain and addressed an earlier roadblock, saying that it will more than double the number of stores it would shed to ease the antitrust concerns of its takeover target.
The newest bid is worth $9.1billion, or $80 per share, up from $78.50 per share in the previous offer.
Family Dollar, based in Matthews, North Carolina, rejected the earlier bid in favor of a lower offer of $8.5 billion from Dollar Tree Inc., saying that regulators were less likely to stand in the way. Family Dollar said Tuesday that it has received Dollar General's latest bid and will review it.
Dollar General, the country's largest dollar-store chain, says it would now divest as many as 1,500 stores, well above the 700 that it had originally agreed to, in order to sidestep any anti-monopoly actions that regulators might pursue.