Family Dollar Stores, the Matthews-based retailer embroiled in a takeover battle, plans to hold a shareholder vote on its planned sale to rival Dollar Tree on Dec. 11, according to a securities filing Monday.
Family Dollar 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 Tennessee-based Dollar General has since made a hostile $80-per-share offer totaling $9.1 billion that Family Dollar’s board has rejected.
The filing urges shareholders to approve the Dollar Tree merger by voting with a white proxy card, while discarding gold proxy cards sent to them by Dollar General.
The shareholder meeting will be 10 a.m. at the Harris Conference Center in Charlotte, according to the amended proxy filing, which has not yet been finalized. Family Dollar shareholders as of this Thursday are eligible to vote.