Dollar General took its $9.1 billion offer for Family Dollar Stores hostile, directly approaching the shareholders of its smaller rival.» Read More
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.
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.
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.
*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.
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..
U.S. stock index futures indicated a higher open on Thursday, as the closely-watched Jackson Hole symposium of central bankers gets underway.
Dollar Tree reported a 2.6 percent fall in quarterly profit as costs increased.
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..
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.
Some of the names on the move ahead of the open.
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.
Wall Street was seen opening lower on Wednesday, with minutes from the latest Federal Open Market Committee (FOMC) meeting in focus.
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.