To look at some of the recent economic data, one would think the consumer is in great shape. But corporate America has another opinion.» Read More
Family Dollar Stores said on Thursday its board unanimously rejected Dollar General's buyout offer due to antitrust considerations.
Aug 21- Family Dollar Stores Inc rejected Dollar General Corp's $8.95 billion acquisition offer, citing antitrust concerns, and reaffirmed its support for a buyout offer from Dollar Tree Inc..
Dollar Tree reported a 2.6 percent fall in quarterly profit as costs increased.
Family Dollar has rejected a takeover bid from dollar-store competitor Dollar General, saying it would be too hard for the deal to pass antitrust regulators.
Aug 21- Family Dollar Stores Inc rejected Dollar General Corp's acquisition offer, citing antitrust concerns, and reaffirmed its support for a buyout offer from Dollar Tree Inc..
RICHMOND, Va.— Dollar Tree Inc. said Thursday its second-quarter profit fell more than 2 percent on costs related to its planned acquisition of rival discounter Family Dollar even though shoppers spent more at its discount stores.
Aug 21- Dollar Tree Inc reported a 2.6 percent fall in quarterly profit as costs increased. Net income fell to $121.5 million, or 59 cents per share, in the second quarter ended Aug. 2 from $124.7 million, or $1.25 per share, a year earlier. Dollar Tree, which operates the Dollar Tree, Deal$ and Dollar Bills stores, agreed to buy Family Dollar Stores Inc in July.
Hewlett-Packard rose after delivering better results, while Sears plunged after reporting that its loss doubled from a year ago. Hewlett-Packard was the biggest gainer among the major indexes. The technology giant rose $1.88, or 5.4 percent, to $37.00 after reporting better-than-expected results and its first sales increase in nearly three years.
Billionaire investor Carl Icahn revealed he owns an 8.5 percent stake in Hertz and plans to pressure the rental car company's management.
Aug 21- Dollar General Corp questioned whether Family Dollar Stores Inc Chief Executive Howard Levine was being driven by self-interest in his support of a proposed takeover of his company by Dollar Tree Inc..
Aug 20- Dollar General Corp said it had expressed an interest in merging with Family Dollar Stores Inc as early as June this year, but did not go ahead with an offer at that time as Family Dollar chief executive gave no indication that the company was in talks with Dollar Tree Inc.
Last year Hertz adopted a so-called poison pill to prevent any one shareholder from gaining control of the company as activist investors began circling.
BOSTON, Aug 20- Billionaire investor Carl Icahn said on Wednesday that he owns an 8.5 percent stake in Hertz Global Holdings Inc and plans to pressure the rental car company's management over accounting issues and operational failures.
Icahn has pushed Family Dollar to sell itself to Dollar General and has been openly critical of Family Dollar Chief Executive Howard Levine, who would have retained his position after an acquisition by Dollar Tree.
Family Dollar wouldn't have been acquired without his prodding, activist investor Carl Icahn says.
Icahn Enterprises Chairman Carl Icahn, discusses the bidding war for Family Dollar, and Chief Executive Howard Levine's handling of the takeover bids. "This wasn't going to happen at this company if we hadn't appeared," he says.
Dollar General made a competing bid for Family Dollar on Monday trumping the offer by Dollar Tree. Icahn Enterprises Chairman Carl Icahn, says he had a friendly dinner with Family Dollar Chief Executive Howard Levine and some of his board, in which the company claimed Icahn is to blame Dollar General wasn't interested.
NEW YORK— A look at the 10 biggest volume gainers on New York Stock Exchange at the close of trading:. Blackrock Muniyield Investment Fund: Approximately 114,200 shares changed hands, a 363.6 percent increase over its 65- day average volume. The shares fell$. 25 or 1.7 percent to $14.75.
NEW YORK— A look at New York Stock Exchange 10 most-active stocks at the close of trading:. AT&T Inc. fell. 3 percent to $34.65 with 18,327,500 shares traded. Advanced Micro Devices Inc. rose 1.9 percent to $4.21 with 45,320,400 shares traded.
NEW YORK— A look at the 10 biggest percentage gainers on New York Stock Exchange at the close of trading:. Dollar General Corp. rose 11.6 percent to $64.14. Care.com Inc. rose 9.3 percent to $9.25.