Goodlettsville, TN–Dollar General isn’t giving up on Family Dollar. The retailer has extended its $80-ar-share offer yet again as its first extension expired at 5 pm on October 31. The renewed offer, which is otherwise unchanged, will expire at 5 pm East Coast time on December 31.
Family Dollar announced in July that it would be acquired by rival Dollar Tree for $74.50 a share, or $8.5 billion. But then in August, Dollar General offered Family Dollar $9.7 billion, and was quickly rejected. Dollar General raised to $80 a share in September and extended the offer on October 2.
Stifel Nicolaus & Co analyst Taylor Labarr said Dollar General’s decision to extend the tender offer was to allow Family Dollar shareholders time to make a decision after the special meeting.
“They (Dollar General) extended the offer through the end of the year, that covers them through the shareholder vote, which I think is the key thing,” Labarr said.