Family Dollar has rejected a takeover bid from dollar-store competitor Dollar General, saying it would be too hard for the deal to pass antitrust regulators. Family Dollar's board said it supports its existing deal to be acquired by Dollar Tree.
Family Dollar Stores Inc. Chairman and CEO Howard Levine said in a statement Thursday that its board and advisers reviewed Dollar General Corp.'s offer and determined it wasn't reasonably likely to be completed on the terms proposed.
Dollar General Chairman and CEO Rick Dreiling said in a statement that the company was disappointed in Family Dollar's decision, and that it had done an extensive antitrust analysis that confirmed its proposal could be completed. Dollar General said it was willing to share its analysis with Family Dollar and that it was still confident it could resolve any regulatory concerns about competition.
Dollar General said is reviewing its options and still believes its offer is better than the Dollar Tree deal.
The businesses of Family Dollar and Dollar General are more similar than Dollar Tree's. The first two sell items at a variety of prices, while at Dollar Tree, all items are a buck.
Family Dollar became a takeover target in part because of its business struggles. The Matthews, North Carolina, company has been shuttering stores and cutting prices in hopes of boosting its financial performance. In June investor Carl Icahn urged the company to put itself up for sale.
On Monday Dollar General — the nation's biggest dollar-store chain — offered about $8.95 billion, or $78.50 per share in cash, for Family Dollar. The Goodlettsville, Tennessee, company said at the time that it believed it could quickly address any antitrust issues and was willing to divest up to 700 of its stores in order to get the necessary approvals.
In a letter sent to Family Dollar on Wednesday, Dollar General said that it believed the number of stores it was offering to divest was "more than sufficient to take this (antitrust) issue off the table."
Last month Family Dollar agreed to an $8.5 billion deal with Chesapeake, Virginia-based Dollar Tree Inc. The transaction includes $59.60 in cash and the equivalent of $14.90 in shares of Dollar Tree for each share held. The companies valued the transaction at $74.50 per share at the time. Including debt and other costs, Family Dollar and Dollar Tree estimated the deal to be worth approximately $9.2 billion.
Dollar General's stock added 4 cents to $63.80 in afternoon trading. Shares of Family Dollar shed 16 cents to $79.65, while Dollar Tree's stock fell 74 cents to $54.26.
BIRMINGHAM, Ala. (AP) — An Alabama federal judge could avoid prosecution on a battery charge that was filed after his wife called police from an Atlanta hotel room and said he was beating her.
Court programs help some defendants avoid criminal prosecution, and U.S. District Judge Mark Fuller would be open to such a chance in Fulton County, one of his lawyers said Thursday.
The defense has said the 55-year-old Fuller is entering treatment for an unspecified reason, and one of the programs the Atlanta court offers is for people in treatment programs.
Jeff Brickman, a former Georgia prosecutor representing Fuller on the misdemeanor battery charge, said he plans to talk to a Fulton County prosecutor soon about the possibility of ending the case without a full-blown prosecution of Fuller.
"We would love to resolve the case short of it being formally prosecuted," said Brickman.
Fuller has a clean record and could be a good candidate for a pre-trial program, Brickman said.
A prosecutor with the Fulton County Solicitor's Office did not return a message seeking comment.
Police arrested Fuller on Aug. 10 and charged him with misdemeanor battery. On a 911 recording, a woman who said she was Fuller's wife can be heard saying 'I hate you, I hate you." A male voice responds: "I hate you, too," followed by dull noises in the background.
Mark Fuller, who is free on bond and is no longer handling cases, told police his wife became violent as she confronted him with allegations of cheating, a police report said.
Records show Fuller is next due in court for a hearing on Sept. 5.
"There may be a way to resolve it on Sept. 5 but that decision hasn't been made yet," said Brickman.
Fuller, appointed to the bench by then-President George W. Bush, has a lifetime appointment and continues receiving his annual salary of about $200,000 despite being stripped of courtroom duties.
Federal judges can be removed only through impeachment by Congress, but legal experts say they also are subject to administrative procedures that can result in censure, reprimands or a request for their resignation.
WASHINGTON (AP) — New research suggests a one-two punch could help battle polio in some of the world's most remote and strife-torn regions: Giving a single vaccine shot to children who've already swallowed drops of an oral polio vaccine greatly boosted their immunity.