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Stock Market & Financial Investment News

News Breaks
August 21, 2014
05:35 EDTDG, DLTR, FDODollar General sends letter to Family Dollar board
Dollar General (DG) announced it has sent the following letter to the board of Family Dollar Stores (FDO): "We have reviewed the Form S-4 on the background of your current merger agreement with Dollar Tree (DLTR). As the Family Dollar board considers our superior proposal, we believe it is important for you to take into account certain important facts that are not included in the Form S-4 relating to our interaction with your company. While the Form S-4 references various meetings between our companies’ representatives over the years, it fails to mention that Dollar General representatives have consistently expressed a keen interest in putting our two companies together. The Form S-4 also fails to mention that on more than one occasion at such meetings, Howard Levine expressed his own interest in the social issues of a combination, including, among other things, his desire to be CEO of the combined companies. We cannot help but question whether Dollar General’s failure to embrace such requests by Levine weighed into Family Dollar’s decision to pursue an agreement with Dollar Tree." The letter continues, "During the June 19 meeting, although noting that the timing was not optimal for Dollar General, our representatives expressed more than once our interest in exploring a combination with Family Dollar." Further, "It is surprising, then, that, according to the Form S-4, your board was considering at that time a proposal in that range from Dollar Tree, and yet no representative of Family Dollar followed up with any representative of Dollar General after that meeting and before entering into the merger agreement with Dollar Tree. This lack of engagement is puzzling. Regrettably, as a result, we are now forced to factor a $305M break-up fee into our offer – consideration that could have been better used to maximize value for the Family Dollar shareholders. Nonetheless, we have presented you with a superior proposal for your shareholders, although perhaps not for Levine personally, and we urge you to evaluate our proposal on its merits considering this full set of facts and in keeping with your obligation to consider first and foremost the best interests of your shareholders."
News For DG;FDO;DLTR From The Last 14 Days
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April 20, 2015
16:16 EDTDLTRDollar Tree initiated with a Buy at Cantor
Target $96.
April 19, 2015
12:41 EDTDGKroger, Dollar General, others can be bought and held for 3 years, Barron's says
Shares of PACCAR (PCAR), Lam Research (LRCX), Kroger (KR), Autoliv (ALV), Archer Daniels (ADM), and Dollar General (DG) should be bought and held for the next three years due to high return on invested capital, Barron's contends in a feature article. Reference Link
April 9, 2015
09:18 EDTFDO, DGBofA/Merrill retail analysts hold an analyst/industry conference call
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April 8, 2015
08:09 EDTDLTR, FDOFamily Dollar says sales trends in March 'rebounded nicely'
"We continue to see tangible benefits from the investments we have made to strengthen our value proposition for customers. Our comparable store sales and customer traffic trends are improving, and we are beginning to see stabilization in key categories. While our trends in late-February were adversely impacted by severe winter weather, our sales trends in March rebounded nicely, reflecting both improved traffic trends and the benefit of an earlier Easter,” said Howard R. Levine, Chairman and CEO. “We are excited about the pending merger with Dollar Tree, and our teams are working to ensure a successful integration.”
08:05 EDTDLTR, FDOFamily Dollar says not providing guidance
On January 22, Family Dollar (FDO) stockholders adopted the merger agreement with Dollar Tree (DLTR). The completion of the merger remains subject to Federal Trade Commission clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other closing conditions. Dollar Tree, with support from Family Dollar, is continuing to work with the FTC to obtain clearance under the HSR Act, including in connection with arranging for divestitures. Dollar Tree has informed Family Dollar that Dollar Tree intends to close the merger by the end of May 2015. In light of the pending transaction, the company has not provided earnings guidance for fiscal 2015 and will not hold a conference call to discuss its second quarter results.
08:05 EDTFDOFamily Dollar reports March SSS up 3.7%
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08:04 EDTFDOFamily Dollar reports Q2 adjusted EPS 74c, consensus 73c
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05:49 EDTDGDollar General price target raised to $85 from $80 at Deutsche Bank
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April 7, 2015
16:38 EDTFDO, DLTRDollar Tree discloses update on FTC review process of Family Dollar acquisition
Dollar Tree (DLTR) disclosed in a regulatory filing, the following update on the Federal Trade Commission’s review process of the company’s pending acquisition of Family Dollar Stores (FDO). As of April 1, the FTC’s staff has substantially completed its review and identified approximately 340 stores for divestiture, representing approximately $47.4M of operating income. The company expects that all or almost all of the stores that will be divested will be Family Dollar stores. The company continues to make progress with divestiture buyers and has received multiple indications of interest from buyers, each of whom intend to operate these divested locations as dollar stores to address the FTC's concerns. The company is working to finalize divestiture agreements with the selected bidders in April 2015 and in parallel to secure FTC approval. The company intends to close the proposed merger in May, but this timing is subject to certain factors beyond the company’s control, including FTC approval.
15:30 EDTFDONotable companies reporting before tomorrow's open
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