Dollar Tree Comments On Outcome Of Family Dollar Shareholder Vote

(RTTNews) - Dollar Tree, Inc. (DLTR) commented on the outcome of the shareholder vote of Family Dollar Stores, Inc. (FDO) to approve the pending merger with Dollar Tree.

"Today's vote of approval by Family Dollar shareholders represents a crucial step toward combining Dollar Tree, North America's leading fixed-price point discount retailer, with Family Dollar, a leading multi-price point retailer with a 50+ year history of serving low and middle income customers," stated Bob Sasser, Dollar Tree's Chief Executive Officer.

"By adding Family Dollar to our portfolio of brands, Dollar Tree will soon operate more than 13,000 stores in 48 states and five Canadian provinces with annual sales exceeding $18 billion," said Bob Sasser.

By the end of January, Dollar Tree expects to reach a preliminary agreement with the Federal Trade Commission or "FTC" staff on the list of substantially all of the stores to be divested. Dollar Tree then plans to finalize divestiture agreements with the selected buyer(s), to address any concerns of the investigating state attorneys general, and to execute a consent order with the FTC's Bureau of Competition.

To facilitate the FTC's continued review, and in light of the practicalities associated with the transaction, Dollar Tree and Family Dollar have agreed to provide the FTC with four weeks' notice prior to closing.

Dollar Tree expects to initiate this 4-week notice period (which may be terminated early by the FTC) after Dollar Tree executes a consent decree with the FTC's Bureau of Competition, which should enable the closing of the merger as soon as March 2015.

Earlier today, Family Dollar Stores announced that, based on a preliminary count of the votes cast at the Company's Special Meeting of Stockholders held today, Family Dollar stockholders voted to approve the proposed merger with Dollar Tree, Inc.

Based on the preliminary count, approximately 84 million shares were voted in favor of the merger proposal. The favorable vote represents 74% of the total outstanding and 89% of the total shares voted.