Family Dollar Says Board Will Review And Consider Dollar General's Tender Offer

(RTTNews) - Family Dollar Stores Inc. (FDO) confirmed Wednesday that Dollar General Corp. (DG) has commenced an unsolicited conditional tender offer to acquire all of the outstanding common stock of Family Dollar for $80.00 per share in cash. Family Dollar said that its board, in consultation with its financial and legal advisors, will review and consider Dollar General's tender offer.

However, Family Dollar said that its board has not changed its recommendation in support of the merger with Dollar Tree Inc. (DLTR).

The terms of the tender offer are the same as those in the proposal made by Dollar General on September 2, 2014, which the board of directors of Family Dollar rejected unanimously on September 5, 2014 on the basis of antitrust regulatory considerations.

Upon completion of review and consideration, Family Dollar said it will advise shareholders of the Board's position regarding the tender offer by making available to shareholders, and filing with the Securities and Exchange Commission, a solicitation/recommendation statement on Schedule 14D-9.

Family Dollar noted that applicable securities laws prevent it from making any further comments on Dollar General's tender offer or its terms until after this filing is made on Schedule 14D-9 which will be no later than September 23, 2014. Until that time, Family Dollar shareholders are advised to take no action.

Earlier today, Dollar General said it has begun a tender offer to acquire all outstanding shares of Family Dollar Stores for $80 per share in cash. Dollar General said the current offer is better than the $74.50 per share cash / stock offer announced by Dollar Tree in July.