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.
BAMAKO, Mali (AP) — The latest on the attack on a hotel in the Malian capital of Bamako. (All times local):___4:55 a.m.The U.N. Security Council is condemning "the horrifying terrorist attack" at the...
ANTALYA, Turkey (AP) — World leaders vowed a vigorous response to the Islamic State group's terror spree in Paris as they opened a two-day meeting in Turkey on Sunday, with President Barack Obama call...
SEATTLE (AP) — As Chipotle prepares to reopen its restaurants in the Pacific Northwest this week after an E. coli outbreak that sickened about 45 people, health experts say foodborne illnesses are mor...
Vice President Joe Biden will not run for president in 2016, he said Wednesday, ending a months-long flirtation with a third White House campaign and setting him on a glide path toward the end of his decades-long political career.
NEW YORK (AP) — Fresh from successes on Iran and with the pope, President Barack Obama still carried heavy burdens into critical meetings this week at the U.N. General Assembly.They include the threat...