Family Dollar rebuffs Dollar General

MATTHEWS, N.C. - Family Dollar (FDO) has rejected a nearly $9 billion takeover offer from rival Dollar General (DG), citing antitrust concerns.

Family Dollar Stores CEO Howard Levine said in a statement Thursday that its board of directors and advisers reviewed Dollar General's offer and determined it wasn't likely to be completed on the terms proposed.

Family Dollar's board remains supportive of its existing deal with Dollar Tree (DLTR), the nation's biggest dollar-store chain. Dollar Tree earlier this month bid $8.5 billion for the discounter. Merging the two companies would create a chain with 13,000 retail locations and sales of $18 billion.

Family Dollar said at the time that it believed it could quickly address any antitrust issues and was willing to divest up to 700 of its stores in order to get the necessary approvals.


Popular

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

Market News

Stock Watchlist

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

Download