Family Dollar is telling shareholders to reject the $9.1 billion takeover bid by rival Dollar General.» Read More
Stocks fell on Thursday, pulling the S&P 500 below 2,000, as concerns about Ukraine overtook upbeat reports on the economy and labor.
Chief Executive Rick Dreiling said Dollar General would not relinquish its pursuit of Family Dollar Stores Inc, even though the No. 1 U.S. deep-discount retailer's bid was rejected in favor of a smaller offer from Dollar Tree Inc.. Dollar General's shares rose 1.8 percent, Family Dollar's were marginally higher and Dollar Tree's were up 1 percent.
Aug 28- Dollar General Corp said it remained committed to acquiring rival Family Dollar Stores Inc, pointing to a prolonged battle for dominance of the deep discount retail sector in the United States.
Stock futures reduced their drop Thursday, after the second estimate for second-quarter economic growth came in better than expected.
Some of the names on the move ahead of the open.
Aug 28- Dollar General Corp, the No.1 U.S. deep discount retailer, said it remained committed to acquiring rival Family Dollar Stores Inc and that its offer was both superior and achievable than an offer from Dollar Tree Inc.
Dollar General reported Q2 EPS of $0.83 ex-items on revenue of $4.72 billion. Anthony Chukumba, BB&T Capital Markets, shares his take on the bidding war for Family Dollar.
Dollar General said it remained committed to acquiring rival Family Dollar and reported a 7.5 percent rise in quarterly sales.
Aug 28- Dollar General Corp, the No.1 U.S. deep discount retailer, said it remained committed to acquiring rival Family Dollar Stores Inc and reported a 7.5 percent rise in quarterly sales.
You can’t turn around without hearing the S&P 500 printed 2,000, again, making another record. Can stocks possibly go higher?
He searches for those savings during his daily visits to the Family Dollar Store near his home in Fraser, Michigan, sometimes stopping by as many as 10 times a week "if there are things I need," said the 51- year-old home care provider.
Geopolitical headlines could rattle markets in the week ahead as focus shifts away from the Fed.
Stocks rose Thursday as investors anticipate a dovish tone from Federal Reserve Chair Janet Yellen on Friday.
*Family Dollar rejects Dollar General's buyout offer. *Jackson Hole conference of central bankers to begin. Federal Reserve Chair Janet Yellen is scheduled to speak at the Jackson Hole conference on Friday.
Some of Thursday's midday movers:
Aug 21- Family Dollar Stores Inc rejected a $9 billion buyout offer from Dollar General Corp and issued a sharp rebuke to accusations its CEO favors a smaller bid from Dollar Tree Inc because it would allow him to keep his job.
*Family Dollar rejects Dollar General buyout offer. NEW YORK, Aug 21- U.S. stocks inched higher on Thursday and the S&P notched a record high as a flurry of data pointed to steady improvement in the economy and investors awaited the start of a meeting of top central bankers and economists in Jackson Hole, Wyoming.
CNBC's David Faber reports Family Dollar has rejected Dollar General's $78.50 per share bid over antitrust concerns. Family Dollar director and Trian Fund Management co-founder Ed Garden, shared his response.
*Family Dollar rejects Dollar General buyout offer. NEW YORK, Aug 21- U.S. stocks were set for a slightly higher open on Thursday, after jobless claims data pointed to continued improvement in the labor market and before the start of a meeting of top central bankers and economists in Jackson Hole, Wyoming.
Family Dollar Stores said on Thursday its board unanimously rejected Dollar General's buyout offer due to antitrust considerations.