US: Family Dollar holders approve 9.2 billion Dollar Tree takeover

Shareholders of Family Dollar Stores overwhelmingly approved Dollar Tree’s $9.2 billion takeover offer, which includes debt. The vote was the most significant hurdle that Dollar Tree needed to clear to acquire Family Dollar.

The deal must be approved by the Federal Trade Commission, which is reviewing it for antitrust implications. The deal could take effect as soon as March, Dollar Tree said. Before it does, the company said, it would arrange the sale of any stores that the commission says it must get rid of for antitrust reasons. The release did not say how many stores Dollar Tree expected to divest, but it previously estimated fewer than 300.

If federal antitrust reviewers approve the deal, it would make Dollar Tree, the largest discount retailer in North America. Dollar Tree will have more than 13,000 stores, with sales exceeding $18 billion.

“We are pleased with the outcome of today’s vote, and I want to thank Family Dollar stockholders for their support throughout this process,” Howard R. Levine, CEO of Family Dollar.

Full Content: Bloomberg

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