Dollar General on Friday said it has once again extended an offer to buy shares of Family Dollar until Dec. 31. The offer was to have expired Friday, but Dollar General said only 4 million of 114 million Family Dollar shares had been committed to the offer as of Thursday.
Dollar General took its offer directly to shareholders after its offers to buy Family Dollar were twice rejected by the latter's board of directors. The Family Dollar board remains committed to supporting a rival offer from Dollar Tree, citing antitrust risk associated with the Dollar General offer.
The original deadline for the tender offer was Oct. 8. The new deadline is Dec. 31, which will occur after Family Dollar shareholders are scheduled to vote whether to accept the Dollar Tree on Dec. 11. That deal has encountered criticism from some shareholders who argued the retailer should have facilitated a bidding war between suitors before committing to the Dollar Tree offer.
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