Family Dollar meets FTC’s request for additional info tied to $8.5B Dollar Tree deal
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- Jennifer Thomas
- Staff Writer- Charlotte Business Journal
- Email | Twitter | Google+
Family Dollar Stores Inc. (NYSE:FDO) announced Tuesday that it has "certified substantial compliance" with the Federal Trade Commission's request for information tied to its $8.5 billion merger with Dollar Tree Inc.
Matthews-based Family Dollar announced in late July it would be acquired by Family Tree in a cash-and-stock transaction valued at $74.50 per share.
Dollar Tree is expected to attain compliance by Nov. 7, according to a Family Dollar statement issued on Tuesday,
A 30-day waiting period will begin at that point — unless that waiting period is terminated earlier by the FTC or extended by an agreement among the parties.
Family Dollar also has certified substantial compliance with the FTC's request related to Dollar General Corp.'s (NYSE:DG) unsolicited tender offer. Dollar General has taken its all-cash bid of $80 per share directly to Family Dollar's shareholders — after Family Dollar's board rejected two earlier bids by the Tennessee discount retailer, citing antitrust concerns.
Family Dollar notes it has received no information from Dollar General about when it intends to comply with that request.
The same conditions surrounding the 30-day waiting period also apply to that potential deal.
"Family Dollar continues to believe, based on its discussions with the FTC staff, that the FTC review of the Dollar General tender offer will continue well into 2015, " the statement says.
Family Dollar says it is committed to cooperating with the FTC's investigations of both transactions and will provide all necessary information as practicable.
Jennifer Thomas covers retail, health care and education for the Charlotte Business Journal.
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