Changing their previous stance, two influential proxy advisory firms advised Family Dollar Stores Inc shareholders to vote for the retailer's acquisition by Dollar Tree Inc, saying the deal offered more certainty of closure.Institutional Shareholder Services said on Wednesday Dollar Tree's proposal was in the best interest of shareholders and was more likely to close as it faces fewer antitrust hurdles.The proxy advisory firm had 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 Tree has said it would divest as many stores as required to get antitrust approval for the deal, while Dollar General has stuck to its offer to shed up to 1,500 stores.
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 0.22% or $-0.15/share to $67.65. In the past year, the shares have traded as low as $53.00 and as high as $71.78. On average, 4236560 shares of DG exchange hands on a given day and today's volume is recorded at 4987155.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR fell by 0.93% or $-0.63/share to $67.37. In the past year, the shares have traded as low as $49.59 and as high as $71.53. On average, 2307470 shares of DLTR exchange hands on a given day and today's volume is recorded at 4910095.
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 0.73% or $-0.56/share to $76.30. In the past year, the shares have traded as low as $55.64 and as high as $80.97. On average, 1234300 shares of FDO exchange hands on a given day and today's volume is recorded at 3633539.
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