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.
A weeklong search for a Missouri couple wanted in a series of robberies and abductions across the South ended with one suspect dead and the other wounded Friday, after authorities say they chased the pair across the highway and through a rural neighborhood and exchanged gunfire with them in Florida's Panhandle.
Cheap oil will be sticking around for a while.That reality is wreaking havoc and causing uncertainty for some governments and businesses, while creating financial windfalls for others. Less expensive...
Texas Sen. Ted Cruz swept to victory in Iowa's Republican caucuses Monday, overcoming billionaire Donald Trump and Florida Sen. Marco Rubio. Among Democrats, Hillary Clinton and Bernie Sanders were deadlocked in a tight race.
On the eve of the first contest on the 2016 presidential election calendar, some voters are pushing for bolder, more uncompromising action, with an intensity that has shaken both the Republican and Democratic establishments.