Family Dollar Stores Inc shareholders are expected to vote in favor of a pending $8.5 billion merger with Dollar Tree Inc despite a higher offer from Dollar General still on the table, according to people familiar with the matter. The vote, which is scheduled for Thursday, comes after influential proxy advisory firm Institutional Shareholder Services said Dollar Tree's proposal was in the best interest of shareholders and was more likely to close as it faces fewer antitrust hurdles than the Dollar General offer.The deal needs approval of just over 50 percent of Family Dollar shareholders on record as of Oct. 30. Dollar Tree is close to crossing this threshold, the people said, asking not to be named because the matter is private.Spokesmen for Family Dollar and Dollar Tree declined to comment.ISS had earlier asked Family Dollar's shareholders to oppose Dollar Tree's offer of $74.50 per share and consider Dollar General's higher cash offer of $9.1 billion, or $80 per share.
Dollar General Corporation is a discount retailer. Shares of DG fell by 0.19% or $-0.13/share to $67.21. In the past year, the shares have traded as low as $53.00 and as high as $71.78. On average, 4272080 shares of DG exchange hands on a given day and today's volume is recorded at 3854319.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR traded higher by 0.83% or $0.56/share to $67.81. In the past year, the shares have traded as low as $49.59 and as high as $71.53. On average, 2474250 shares of DLTR exchange hands on a given day and today's volume is recorded at 3633553.
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 traded higher by 0.16% or $0.12/share to $75.55. In the past year, the shares have traded as low as $55.64 and as high as $80.97. On average, 1468400 shares of FDO exchange hands on a given day and today's volume is recorded at 3534792.
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