The battle for the future of Family Dollar stores in Georgia and around the nation is on.
Monday morning, Dollar General sent a letter to the Family Dollar Board of Directors countering Dollar Tree's offer to purchase the discount chain for $8.5 billion or $74.50 per share.
(Dollar Tree and Dollar General are both trying to acquire Family Dollar in multi-billion dollar proposals.)
“Investor Information, Conference Calls and Investor Events.”
“For Family Dollar shareholders, our proposal is financially superior to the current transaction agreement with Dollar Tree and would provide Family Dollar shareholders with a substantial premium and immediate liquidity for their shares,” said Rick Dreiling, Dollar General’s Chairman and Chief Executive Officer. “For Dollar General shareholders, the proposed combination of Dollar General and Family Dollar would be a significant strategic opportunity to create immediate and lasting shareholder value. For both Dollar General and Family Dollar customers, we would be able to provide better value and greater selection.
“We have the utmost respect for Family Dollar, its leadership and its employees. We look forward to expeditiously entering into constructive discussions with Family Dollar in order to sign a definitive merger agreement that provides enhanced value to Family Dollar shareholders and enables Dollar General to realize the benefits of this combination,” Dreiling continued.
Family Dollar operates multiple locations across Georgia, many of which are in close proximity to both Dollar Tree and Dollar General stores. A merger of any of the three stores could mean the closure of certain locations.