Dollar General on Tuesday sweetened its deal for Family Dollar with an enhanced acquisition proposal with an offer worth about $9.1 billion.
Dollar General released a statement regarding its proposed acquisition of Family Dollar, following the news of Family Dollar's rejection of the proposal.
Citing antitrust concerns, Family Dollar Stores has rejected Dollar General’s proposal and reaffirmed its support of the merger agreement with Dollar Tree.
Dollar General bid $78.50 for Family Dollar in a $9.7 billion deal that exceeds the $74.50 a share Dollar Tree offered for Family Dollar on July 28.
Dollar General is considering outbidding Dollar Tree for Family Dollar Stores, Bloomberg reported Wednesday.
Dollar Tree on Monday morning acquired Family Dollar Stores in a cash and stock transaction worth about $8.5 billion.
Family Dollar Stores reported that for the third quarter fiscal 2014 ended May 31, net sales increased 3.3% to $2.7 billion.
Family Dollar Stores has named Jeffrey Thomas as SVP, merchandise operations, succeeding Scott Zucker, who left the company at the end of May.
Family Dollar Stores on Thursday reported that for the second quarter of fiscal year 2014 ended March 1, net sales totaled $2.7 billion, representing a decline of 6.1%.
In a move to increase traffic and grow sales, Family Dollar said it added 400 products to its food offerings and reduced prices on 1,000 other items.