Discount store chain Dollar Tree Inc offered to purchase rival Family Dollar Stores Inc for about $8.5 billion, in a deal the companies said would create North America's leading discount retailer.Dollar Tree's offer of $74.50 per share in cash and stock represents a premium of about 23 percent over Family Dollar's close of $60.66 on Friday. Family Dollar had about 114 million shares outstanding as of July 5.Shares of Family Dollar, which has been under pressure from activist investor Carl Icahn to sell itself, rose about 21 percent to $74.00 in premarket trading on Monday.Dollar Tree shares were up 4.2 percent at $56.50.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR fell by 1.33% or $-0.73/share to $54.22. In the past year, the shares have traded as low as $49.59 and as high as $60.19. On average, 1648380 shares of DLTR exchange hands on a given day and today's volume is recorded at 803455.
Family Dollar Stores, Inc. (Family Dollar) operates a chain of more than 7,900 general merchandise retail discount stores in 46 states, providing consumers with a selection of merchandise in neighborhood stores. Shares of FDO fell by 0.79% or $-0.48/share to $60.66. In the past year, the shares have traded as low as $55.64 and as high as $75.29. On average, 1634020 shares of FDO exchange hands on a given day and today's volume is recorded at 1255368.
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