Dollar General Raises Offer, Stakes In Family Dollar Bid

Sep 3 2014 | 9:46am ET

Dollar General Corp. said yesterday it was prepared to pursue a hostile takeover of Family Dollar Stores if the latter refused its sweetened offer.

The discount retailer raised its bid by $150 million to $9.1 billion, and offered to cover a $500 million break-up fee Family Dollar agreed to with rival Dollar Tree Inc. Family Dollar has accepted Dollar Tree’s $8.5 billion offer.

Family Dollar said it remained committed to the lower offer, but that it would review Dollar General’s latest proposal.

If it rejects the $9.1 billion deal, Dollar General threatened to launch a hostile tender offer.

Family Dollar struck the Dollar Tree deal after Carl Icahn began agitating for a sale. Icahn has since criticized the company for failing to talk with Dollar General.

In rejecting Dollar General’s $8.95 billion bid, Family Dollar cited antitrust concerns.

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