Dollar General really can't take a hint: The company announced Wednesday that it would take its $9.1 billion bid to buy Family Dollar directly to shareholders.
By launching the hostile takeover bid, Dollar General is trying to stop Dollar Tree's agreed-upon deal to buy Family Dollar for $8.5 billion. Last week, Family Dollar rejected Dollar General's $80-a-share offer because of antitrust concerns. Today, Dollar General issued a statement to shareholders offering to acquire all Family Dollar shares for $80 each. Dollar General has also offered to sell as many as 1,500 stores to gain antitrust approval from the Federal Trade Commission.
Even if Family Dollar rejects the hostile offer, which is still higher than its existing $74.50-a-share offer with Dollar Tree, it will probably still, "at the very least, delay any deal between Family Dollar and Dollar Tree," reports The New York Times.
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"Our offer provides Family Dollar shareholders with significantly greater value than the existing agreement with Dollar Tree as well as immediate and certain liquidity for their shares," Rick Dreiling, Dollar General's chief executive, said in the statement. "By taking this step, we are providing all Family Dollar shareholders a voice in this process, and we urge them to tender into our offer."
Dollar General, maybe it's time to accept that Family Dollar just isn't that into you.
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