Family Dollar said in an email to its employees Tuesday that it’s proceeding with its plan to be acquired by Dollar Tree, even while rival Dollar General seeks to break up the deal and acquire Family Dollar itself.
For now, Matthews-based Family Dollar said it’s not planning any changes to its health care, 401(k) and compensation plans. The email, from Chief Financial Officer Mary Winston and Senior Vice President Bryan Venberg, was filed with the Securities and Exchange Commission.
“The immediate focus of our work is to prepare for ‘Day 1,’ (the first day after closing), while simultaneously beginning to build a more detailed plan for the integration,” they wrote. “We’re now in the ‘integration planning phase,’ which involves planning for the complex blending of our two organizations.”
Dollar Tree agreed to acquire Family Dollar for about $8.5 billion in July. The companies have said they would keep the Family Dollar name and many of its 1,400 corporate workers in Matthews, as well as retain chief executive Howard Levine to help run the combined firm.
Dollar General, which has made a hostile $9.1 billion bid to buy Family Dollar, hasn’t said what it would do with the Matthews headquarters or Family Dollar name. But analysts have said steeper cuts would be likely with Dollar General, because the company’s business model is more similar to Family Dollar’s.
Family Dollar shareholders must vote on the rival proposals. A meeting date hasn’t been set.