Family Dollar Shareholders OK $8.5B Dollar Tree Buyout
Law360, New York (January 22, 2015, 9:23 AM EST) -- Shareholders in Family Dollar Stores Inc. voted Thursday to approve an $8.5 billion buyout bid from smaller rival Dollar Tree Inc., effectively ruling out a hostile bid from a third discount retailer to end a fierce takeover fight.
Dollar Tree's cash-and-stock proposal was backed by the holders of 74 percent of Family Dollar's shares at Thursday morning's hotly anticipated meeting, the target company estimated. Investors had already pushed back the vote twice to give rival suitor Dollar General Corp. more time to smooth over regulatory concerns tied to its $9.1 billion bid.
But momentum recently shifted toward Dollar Tree's bid, already...
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