» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 168 | Thursday, August 28, 2014

Dollar General Still Wants to Buy Family Dollar

AP

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) Dollar General Corp. said it still wants to buy rival Family Dollar, even though its nearly $9 billion offer was rejected by the discount retailer last week.

"We remain firmly committed to the acquisition," Dollar General CEO Rick Dreiling said in a statement on Thursday.

Last week, Family Dollar rejected Dollar General's $8.95 billion offer in favor of a slightly smaller one from rival Dollar Tree Inc. for about $8.5 billion. Family Dollar said a deal with Dollar General, the nation's largest dollar-store chain, would be too hard to get approved by antitrust regulators.

Dreiling said Thursday that the acquisition could gain approval.

"We continue to believe the potential antitrust issues are manageable and that our transaction as proposed is both superior and achievable," Dreiling said in a statement.

Family Dollar did not respond to a request for comment. Dollar Tree declined to comment.

Dollar General also said Thursday that its second-quarter revenue rose 7.5 percent from a year ago to $4.72 billion, thanks to higher cigarette, food and candy sales at its stores.

On a per-share basis, the company said it had net income of 83 cents per share, meeting Wall Street expectations.

Dollar General, which is based in Goodlettsville, Tennessee, has more than 11,500 stores around the country. A combination of Charlotte, North Carolina-based Dollar General and Chesapeake, Virginia-based Family Dollar would create a chain with almost 20,000 stores.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 0 61 4,251
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.