GOODLETTSVILLE, Tenn. (AP) -- Dollar General upped its bid for the rival Family Dollar chain and addressed an earlier roadblock, saying that it will more than double the number of stores it would shed to ease the antitrust concerns of its takeover target.<br />
The newest bid is worth $9.1 billion, or $80 per share, up from $78.50 per share in the previous offer.<br />
Family Dollar, based in Matthews, North Carolina, rejected the earlier bid in favor of a lower offer of $8.5 billion from Dollar Tree Inc., saying that regulators were less likely to stand in the way. Family Dollar said Tuesday that it has received Dollar General's latest bid and will review it.<br />
Dollar General, the country's largest dollar-store chain, says it would now divest as many as 1,500 stores, well above the 700 that it had originally agreed to, in order to sidestep any anti-monopoly actions that regulators might pursue.<br />
The Goodlettsville, Tennessee, company has also said it will pay a $500 million reverse break-up fee to Family Dollar Stores Inc. if the deal hits antitrust roadblocks.<br />
Dollar General Chairman and CEO Rick Dreiling said that a second antitrust review supported its prior bid, but that its offer was revised "to demonstrate the seriousness of our commitment."<br />
The businesses of Family Dollar and Dollar General are more similar than Dollar Tree's. The first two sell items at a variety of prices while at Dollar Tree, all items are a buck.
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
LIVINGSTON, N.J. (AP) — A tough-talking New Jersey Gov. Chris Christie launched his 2016 campaign for president Tuesday with a promise to tell voters the truth even if it makes them cringe.The Republi...
MOREHEAD, Ky. (AP) — Rowan County Clerk Kim Davis shut her blinds at work Tuesday to block the view of rainbow-clad protesters outside. They carried flowers and flags and signs saying "you don't own m...
NEW YORK (AP) — The U.S. stock market stabilized on Tuesday as investors followed the latest developments in the Greek debt saga.Stocks edged higher a day after the market had its worst day of the yea...
OKLAHOMA CITY (AP) — A Ten Commandments monument on the Oklahoma Capitol grounds is a religious symbol and must be removed because it violates the state's constitutional ban on using public property t...
NEW YORK (AP) — July Fourth fireworks fill the skies across the nation with more than sparkling bursts of color. They spew pollution, too.A study of 315 locations around the country found that the hol...