Business

Family Dollar mailing proxy materials for Dec. 11 shareholder vote

Family Dollar Stores, the Matthews-based retailed embroiled in a takeover battle, said Tuesday that it has started mailing shareholders proxy cards for voting on its proposed sale to rival Dollar Tree.

The retailer is holding the shareholder vote Dec. 11 in Charlotte. Shareholders as of Thursday are eligible to vote.

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.

Dollar General wants Family Dollar shareholders to vote against the Dollar Tree deal. Family Dollar is urging shareholders to approve the sale by voting with a white proxy card, while discarding gold proxy cards sent to them by Dollar General.

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