Matthews-based Family Dollar Stores on Tuesday said it has complied with the Federal Trade Commission’s request for more information on its proposed sale to Dollar Tree, meeting a step required for regulatory approval of the deal.
Family Dollar said it understands that Dollar Tree expects to comply with its own FTC request by Nov. 7. A mandatory waiting period for an anti-trust review of the deal ends 30 days after both companies submit their materials, the company said, although the FTC could cut the period short or seek an extension.
The retailer agreed in July to be acquired by Virginia-based Dollar Tree for $74.50 a share in cash and stock, or $8.5 billion. But rival Dollar General has since made a hostile $80-per-share offer totaling $9.1 billion that Family Dollar’s board has rejected.
Family Dollar said it also has complied with an information request related to Dollar General’s proposed acquisition but that it doesn’t know when the Tennessee-based retailer will submit its information. Family Dollar said it expects the FTC review of Dollar General’s proposed transaction will continue “well into 2015.”
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The Matthews-based retailer said it’s committed to cooperating with the FTC’s investigations of both deals.
Family Dollar has not yet set a date for a shareholder vote on the Dollar Tree sale, but it has said shareholders as of Oct. 30 will be eligible to vote.