New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 21, 2014
08:01 EDTDG, FDO, DLTRFamily Dollar board rejects Dollar General proposal based on antitrust issues
Family Dollar Stores (FDO) announced that its Board of Directors has unanimously rejected the non-binding proposal made by Dollar General Corporation (DG) on the basis of antitrust regulatory considerations. In addition, the Family Dollar Board unanimously reaffirmed its recommendation in support of the merger agreement with Dollar Tree (DLTR). In negotiating the merger agreement with Dollar Tree, the Family Dollar Board ensured that the agreement permits the Board, consistent with its fiduciary duties, to negotiate with, provide due diligence materials to, and even terminate the merger agreement to enter into a new agreement with, a competing bidder. However, as is customary, the Board may commence negotiations and due diligence access only if, among other factors, the Board determines that a proposal from a competing bidder is reasonably expected to lead to a superior proposal that “is reasonably likely to be completed on the terms proposed.” The Family Dollar Board, after consultation with its financial and legal advisors who have conducted an extensive antitrust analysis, determined that the Dollar General proposal fails to satisfy this requirement. The Board’s decision follows the unanimous recommendation of a committee of four non-management independent directors that has been overseeing the Company’s consideration and exploration of strategic alternatives since January 2014. Howard R. Levine, Chairman and CEO of Family Dollar, stated, “Our Board of Directors, with the assistance of outside advisors and consultants, has been carefully analyzing the antitrust issues in a potential combination with Dollar General since the beginning of this year, as detailed in the Company’s preliminary proxy statement that was filed by Dollar Tree with the SEC on August 11. Our Board reviewed, with our advisors, all aspects of Dollar General’s proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. Accordingly, our Board rejects Dollar General’s proposal and reaffirms its support for the pending merger with Dollar Tree.” Levine continued, “I would also like to note that Dollar General’s letter, sent late last night, contained blatant mischaracterizations and did nothing to address the antitrust issues in Dollar General’s proposal.”
News For FDO;DG;DLTR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
July 6, 2015
12:43 EDTFDO, DLTRDollar Tree completes acquisition of Family Dollar
Subscribe for More Information
July 2, 2015
16:53 EDTFDO, DLTRDollar Tree says receives FTC clearance to complete Family Dollar merger
Subscribe for More Information
July 1, 2015
16:53 EDTFDOFamily Dollar reports Q3 adjusted EPS 74c, consensus 82c
Subscribe for More Information
June 30, 2015
07:28 EDTDLTR, FDODollar Tree shares poised to outperform, says Wells Fargo
Wells Fargo predicts that Dollar Tree will be re-ranked by quantitative investment models following its merger with Family Dollar (FDO), enabling Dollar Tree's stock to outperform. The firm predicts that Dollar Tree's P/E ratio will become much lower versus its peers after the merger closes. Wells keeps an Outperform rating on Dollar Tree.
June 25, 2015
09:21 EDTFDOFamily Dollar volatility low into Q1 and outlook
Subscribe for More Information
08:01 EDTDGDollar General names John Garratt as interim CFO, effective July 1
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use