partlycloudy
Friday May 27th, 2016 4:34PM

Dollar General raises Family Dollar bid to $9.1B

By The Associated Press
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 /> <br /> The newest bid is worth $9.1 billion, or $80 per share, up from $78.50 per share in the previous offer.<br /> <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 /> <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 /> <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 /> <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 /> <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.
© Copyright 2016 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 1 year ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 1 year ago )
Storm brings snow, cold to West for New Year's
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.
5:19PM ( 1 year ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 1 year ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 1 year ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 1 year ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 1 year ago )
Local/State News
Amid shouts of 'shame,' House GOP defeats gay rights measure
Democrats shouted "shame," but House Republicans switched their votes and defeated a measure to protect gay rights
8:03PM ( 1 week ago )
CDC director Freiden warns GOP Zika bill is inadequate
The head of the Centers for Disease Control and Prevention warned Wednesday that a House GOP measure to combat the Zika virus is inadequate to deal with the swelling threat to public health
7:36PM ( 1 week ago )
Trump unveils list of his top picks for Supreme Court
Donald Trump, the presumptive Republican nominee for president, released Wednesday a list of 11 potential Supreme Court justices he plans to vet to fill the seat of late Justice Antonin Scalia if he's elected to the White House.
3:31PM ( 1 week ago )
1st US penis transplant could bring hope to maimed soldiers
A 64-year-old cancer patient has received the nation's first penis transplant, a groundbreaking operation that may also help U.S. veterans maimed by roadside bombs
8:04PM ( 1 week ago )
States dig in against directive on transgender bathroom use
Politicians in Texas, Arkansas and elsewhere are vowing defiance over the Obama administration's new directive on transgender bathroom use
9:19PM ( 1 week ago )