Reuters reports that Dollar General Corp. has "extended its tender offer for shares of Family Dollar Stores Inc to Dec. 31, until after a shareholder vote that will decide the fate of a rival bid by Dollar Tree Inc. Dollar General had received offers for only about 4 million Family Dollar shares of a total 114 million outstanding shares as of Oct. 30, a day before the offer was to expire.
"Dollar General's perseverance to close a deal highlights its struggles in a weak economy where penny-pinching customers look for more discounts and deals," the story says.
The move is a repeat of what happened a month ago, when Dollar General extended its $9.1 billion offer for Family Dollar to the end of October, even as Family Dollar has said it prefers an $8.5 billion offer from Dollar Tree that it believes will pass muster more easily with antitrust regulators.
"Dollar General's perseverance to close a deal highlights its struggles in a weak economy where penny-pinching customers look for more discounts and deals," the story says.
The move is a repeat of what happened a month ago, when Dollar General extended its $9.1 billion offer for Family Dollar to the end of October, even as Family Dollar has said it prefers an $8.5 billion offer from Dollar Tree that it believes will pass muster more easily with antitrust regulators.
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