Dollar General Corp. has commenced a tender offer to acquire all outstanding shares of Family Dollar Stores, Inc., the company reported. It announced that it made the $80 per share cash offer after the rejection of earlier overtures regarding an acquisition to the Family Dollar board.
Dollar General also announced that it would promptly file for clearance under the Hart-Scott-Rodino Act and, so, begin an antitrust approval process for the acquisition with the United States Federal Trade Commission
“Our offer provides Family Dollar shareholders with significantly greater value than the existing agreement with Dollar Tree, as well as immediate and certain liquidity for their shares,” Dollar General Rick Dreiling, chairman and CEO, said in announcing the tender offer. “By taking this step, we are providing all Family Dollar shareholders a voice in this process, and we urge them to tender into our offer. Additionally, we now can begin the antitrust review process and will have an opportunity to present our position directly to the FTC. As we previously have stated, we are confident in the results of our antitrust analysis, and we look forward to a constructive dialogue with the FTC.”