Dollar General Corp took its $9.1 billion offer for Family Dollar Stores Inc hostile, directly approaching the shareholders of its smaller rival after being spurned twice by the company.Dollar General said on Wednesday it had started a tender offer to purchase all shares of Family Dollar for $80 per share.Family Dollar rejected Dollar General's sweetened takeover bid last week, saying the offer still did not address antitrust concerns.Dollar General has downplayed those concerns by committing to sell up to 1,500 stores to clear any competition review and also offered to pay $500 million as break-up fee if the deal were to fall apart.
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 traded higher by 0.05% or $0.03/share to $63.42. In the past year, the shares have traded as low as $53.00 and as high as $65.99. On average, 6431910 shares of DG exchange hands on a given day and today's volume is recorded at 5494241.
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 0.15% or $-0.12/share to $78.70. In the past year, the shares have traded as low as $55.64 and as high as $80.97. On average, 3011750 shares of FDO exchange hands on a given day and today's volume is recorded at 880427.
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