Filing: Dollar General really wasn't interested in Family Dollar — especially with Icahn in the frame
Executives at Dollar Tree have filed papers with the Securities and Exchange Commission detailing how their planned acquisition of rival Family Dollar came about. Of note to Middle Tennessee was the relative lack of involvement of Dollar General execs: Antoine Gara at TheStreet.com writes that Dollar General kicked the tires on Family Dollar last fall but that it quickly became clear it wouldn't pursue a deal. That, says Chuck Grom at Sterne Agee, means Dollar General Chairman and CEO Rick Dreiling is much more unlikely to counter Dollar Tree's bid.
The day after Icahn disclosed his stake, a member of Dollar General’s board told Family Dollar it wouldn’t negotiate a deal with the activist’s involvement. Icahn threatened to reach out to Dollar General directly, filings show, but on June 19, Dollar General formally rejected Family Dollar CEO Howard Levine's inquiries about a merger.
SEE ALSO: The full back story to the Family Dollar-Dollar Tree deal
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