Institutional Shareholder Services advised Family Dollar Stores Inc shareholders to vote for the retailer's acquisition by Dollar Tree Inc, reversing its previous stance.The deal offers near certainty of closure, the proxy advisory firm said in a report.ISS asked Family Dollar's shareholders in December to oppose Dollar Tree's $8.5 billion cash-and-stock offer, delay voting on the deal and consider Dollar General Corp's higher cash offer of $9.1 billion."Dollar General's near-silence on regulatory progress - particularly its failure to meaningfully follow through on its own unforced commitment to provide a meaningful update in December - speaks volumes," ISS said on Wednesday.
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 1.02% or $-0.69/share to $67.11. In the past year, the shares have traded as low as $53.00 and as high as $71.78. On average, 4242610 shares of DG exchange hands on a given day and today's volume is recorded at 2834272.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR fell by 2.16% or $-1.47/share to $66.53. In the past year, the shares have traded as low as $49.59 and as high as $71.53. On average, 2288650 shares of DLTR exchange hands on a given day and today's volume is recorded at 2858190.
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 0.78% or $-0.6/share to $76.26. In the past year, the shares have traded as low as $55.64 and as high as $80.97. On average, 1198640 shares of FDO exchange hands on a given day and today's volume is recorded at 2491794.
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