Family Dollar shareholders approve Dollar Tree takeover
NEW YORK (AP) Family Dollar shareholders have voted to approve a takeover bid from rival Dollar Tree.
The deal 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 Matthews, North Carolina-based Family Dollar in July for about $8.5 billion.
A rival bidder, Dollar General Corp., offered several higher bids that were rejected. Dollar General's pursuit of Family Dollar is likely over. In a statement, Dollar General says the vote was a loss for Family Dollar shareholders and consumers.
A combination of Family Dollar and Chesapeake, Virginia-based Dollar Tree will create the largest dollar store company in the nation, with more than 13,000 stores. Dollar General, based in Goodlettsville, Tennessee, has more than 11,000 stores.