CHARLOTTE, N.C. — Family Dollar announced Thursday that its board of directors unanimously rejected the non-bidding proposal from Dollar General based on anti-trust issues.
The Family Dollar Board says they reaffirmed their recommendation in support of the merger agreement with Dollar Tree.
Chairman and CEO of Family Dollar Howard Levine said, “Our Board of Directors, with the assistance of outside advisors and consultants, has been carefully analyzing the antitrust issues in a potential combination with Dollar General since the beginning of this year, as detailed in the company’s preliminary proxy statement that was filed by Dollar Tree with the SEC on August 11. Our board reviewed, with our advisors, all aspects of Dollar General’s proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. Accordingly, our Board rejects Dollar General’s proposal and reaffirms its support for the pending merger with Dollar Tree.”
Read the full release here.
