Markets

Family Dollar rebuffs Dollar General

/ CBS/AP

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.


First published on August 21, 2014 / 8:54 AM EDT

© 2014 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.