Please ensure Javascript is enabled for purposes of website accessibility

Dollar-for-Dollar takeover OK’d by shareholders

The battle over dollar stores is nearly over. Family Dollar shareholders voted on Thursday to approve a takeover bid by rival Dollar Tree, despite higher competing offers from Dollar General. The deal with Dollar Tree still needs to be approved by the Federal Trade Commission, but Family Dollar expects it to close by March. Dollar Tree first offered to buy Family Dollar in July for about $8.5 billion. Dollar General offered higher bids that were repeatedly rejected. Dollar General’s pursuit of Family Dollar is now likely finished. It said in a statement that the vote was a loss for Family Dollar shareholders and shoppers, who would have benefited from lower prices in its stores. Dollar General’s most recent bid for Family Dollar was about $9.1 billion. Family Dollar said it rejected Dollar General’s bids because it expected that it would be harder to get regulatory approval for the deal.