Family Dollar Stores Inc rejected a $9 billion takeover offer from Dollar General Corp and issued a sharp rebuke to accusations its CEO favors a smaller bid from Dollar Tree Inc because it would allow him to keep his job.Family Dollar, the second-largest dollar store in the United States, said it believed a deal with its larger rival would be unlikely to win antitrust approval despite a promise by Dollar General to close up to 700 stores."We will not jeopardize the Dollar Tree deal for a transaction with Dollar General that has a high likelihood of not closing due to antitrust considerations," said Ed Garden, an independent director on Family Dollar's board.The formal rejection came a day after Dollar General Chief Executive Rick Dreiling questioned whether his counterpart at Family Dollar, Howard Levine, was serving his own interests in supporting Dollar Tree's $8.5 billion offer.
Dollar General Corporation is a discount retailer in the United States by number of stores, with 9,961 stores located in 39 states as of March 2, 2012, primarily in the southern, southwestern, midwestern and eastern United States. Shares of DG fell by 0.33% or $-0.21/share to $63.55. In the past year, the shares have traded as low as $53.00 and as high as $65.99. On average, 6805540 shares of DG exchange hands on a given day and today's volume is recorded at 3319494.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR fell by 1.18% or $-0.65/share to $54.35. In the past year, the shares have traded as low as $49.59 and as high as $60.19. On average, 2892680 shares of DLTR exchange hands on a given day and today's volume is recorded at 3106517.
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 0.35% or $-0.28/share to $79.53. In the past year, the shares have traded as low as $55.64 and as high as $80.10. On average, 3106650 shares of FDO exchange hands on a given day and today's volume is recorded at 2041674.
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