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News For FDO From The Last 14 Days
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September 2, 2014
12:09 EDTFDOOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
08:36 EDTFDOFamily Dollar confirms receipt of revised unsolicited proposal from Dollar General
Family Dollar Stores (FDO) confirmed that it has received a revised, non-binding, unsolicited proposal from Dollar General (DG) to acquire all of the outstanding common shares of Family Dollar. Consistent with its fiduciary duties and subject to the terms of its existing merger agreement with Dollar Tree (DLTR), Family Dollarís Board of Directors, in consultation with its legal and financial advisors, will review and consider the revised proposal. The company's Board of Directors has not changed its recommendation in support of the merger with Dollar Tree. Family Dollar will have no further comment on Dollar Generalís proposal until the Board has completed its review.
06:16 EDTFDODollar General increases proposal to board of Family Dollar to $80 per share
Dollar General (DG) announced that it has sent an enhanced acquisition proposal to the board of Family Dollar Stores (FDO). Under the terms of the revised proposal, Dollar General would increase its all-cash proposal for all outstanding shares of Family Dollar to $80.00 per share. Dollar General also increased the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC, as further evidence of its confidence in its ability to obtain antitrust approval, has agreed to pay a $500M reverse break-up fee to Family Dollar relating to antitrust matters. All other terms and conditions of the proposal remain unchanged. Dollar Generalís revised proposal provides Family Dollarís shareholders with approximately $640M of additional aggregate value over Dollar Treeís offer and represents a premium of 31.9 percent over the closing price of $60.66 for Family Dollar stock on the day prior to the Dollar Tree announcement. In addition, Dollar General has engaged additional counsel, Boies, Schiller & Flexner LLP, to independently review its antitrust work. The independent review validated Dollar Generalís analysis that the proposed transaction can be completed on the terms previously proposed.
06:04 EDTFDODollar General to raise offer for Family Dollar to $80/share, CNBC reports
Dollar General (DG) is going to raise its all-cash bid for Family Dollar (FDO) to $80 per share or around $9.1B, CNBC's Andrew Ross Sorkin reports, citing sources. Dollar General is willing to sell up to 1,500 stores if required by the FTC under the new offer, Sorkin adds. Family Dollar has continued to recommend a merger with Dollar Tree (DLTR). Reference Link
06:01 EDTFDODollar General raises offer for Family Dollar to $80/share, CNBC reports
August 29, 2014
10:34 EDTFDOBig Lots slumps as retailer predicts Q3 EPS loss
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August 28, 2014
10:35 EDTFDODollar General CEO says doesn't 'want to give up' on Family Dollar deal
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10:24 EDTFDODollar General sees sales improving, comps easing through year
Says competitive environment remained "elevated" in Q2. Says seeing sales momentum pick up in Q3. Says share repurchase currently on hold as it awaits the outcome of Family Dollar (FDO) deal. Sees sales improvement continuing throughout the year, sees quarterly comparisons continuing to ease. Says believes proposal for Family Dollar is "superior proposal" for FDO shareholders. Sees Family Dollar deal immediately accretive to earnings in the low double digits. Sees benefits in first year, but expects synergies would ramp up consistently across three years. CEO Dreiling says prepared to remain as CEO through May 2016. Sees "quickly" resolving any anti-trust issues. Comments made on the Q2 earnings conference call.
07:03 EDTFDODollar General says 'firmly committed' to Family Dollar acquisition
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August 24, 2014
21:53 EDTFDONational Association of Chain Drug Stores to hold an expo
2014 NACDS Total Store Expo to be held in Boston on August 23-25.
August 22, 2014
16:42 EDTFDOMarket finishes week higher on economic data, earnings
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07:30 EDTFDODollar General CEO comment to be noted by FTC, NY Post reports
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August 21, 2014
13:42 EDTFDODollar General reaffirms commitment to acquisition of Family Dollar
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12:06 EDTFDODollar Tree sell-off a buying opportunity, says Deutsche Bank
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09:26 EDTFDODollar Tree says 'committed' to transaction with Family Dollar
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09:05 EDTFDODollar Tree sees Family Dollar deal closing by early 2015
Says continuing to work on proposed transaction with Family Dollar (FDO). Sees deal closing by early 2015. Will not make any further comments at this time on Family Dollar/Dollar General (DG). Comments made on the Q2 earnings conference call.
08:04 EDTFDOFamily Dollar: Dollar General declined to schedule talks on antitrust issues
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08:03 EDTFDOFamily Dollar: Dollar General's letter contained 'blatant mischaracterizations'
08:02 EDTFDOFamily Dollar reaffirms recommendation in support of merger with Dollar Tree
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08:01 EDTFDOFamily Dollar board rejects Dollar General proposal based on antitrust issues
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08:00 EDTFDOFamily Dollar board rejects Dollar General proposal based on antitrust issues
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07:55 EDTFDOFamily Dollar to reject Dollar General takeover bid, CNBC reports
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05:35 EDTFDODollar General sends letter to Family Dollar board
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August 19, 2014
12:18 EDTFDODollar General could have bought Family Dollar last year, CNBC reports
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12:16 EDTFDOFamily Dollar board frustrated with Dollar General tactics, CNBC reports
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11:41 EDTFDOIcahn says Family Dollar throwing away $300M in fees, Reuters says
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10:13 EDTFDOOn The Fly: Analyst Upgrade Summary
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09:46 EDTFDOFamily Dollar board likely to meet this week, CNBC's Faber reports
Family Dollar's (FDO) board is likely to meet this week to discuss the takeover bid by Dollar General (DG), CNBC's David Faber reports, citing people close to the matter. The board has long focused on antitrust implications and is likely to reject the Dollar General proposal, Faber added. Dollar Tree (DLTR) and Family Dollar previously announced a merger agreement.
09:43 EDTFDOFamily Dollar board likely to reject Dollar General bid, CNBC's Faber reports
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07:29 EDTFDODollar Tree may raise bid for Family Dollar, says RBC Capital
RBC Capital thinks that Dollar Tree (DLTR) could increase its bid for Family Dollar (FDO) given the revenue and gross margin synergies that the firm thinks the deal would generate. However, the firm believes that Dollar General (DG) would ultimately win a bidding war for Family Dollar, leading to wins for the shareholders of Dollar General and Family Dollar.
06:52 EDTFDOFamily Dollar upgraded to Equal Weight from Underweight at Barclays
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