Matthews-based Family Dollar Stores said shareholders as of Oct. 30 will be eligible to vote on its proposed sale to Dollar Tree, but the company hasn’t yet set a date for the special meeting.
The retailer agreed in July to be acquired by 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.
On Friday, a hedge fund said it was nominating seven directors to Family Dollar’s board in an effort to ensure Family Dollar does “everything in its power” to give Dollar General a chance to buy the company. Elliott Advisors said it was concerned that some members of the current board may lack the expertise and independence to “successfully navigate and negotiate a value maximizing outcome for all shareholders.”
Family Dollar said it expects to set a date, time and location for the shareholder meeting and make required filings with the U.S. Securities and Exchange commission in “due course.”