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Family Dollar Adjourns Shareholder Meeting on Dollar Tree Deal

Family Dollar

Family Dollar Inc adjourned a special meeting of shareholders to vote on the company’s potential acquisition by smaller rival Dollar Tree Inc to Jan. 22 from Tuesday.

Family Dollar, the second largest U.S. discount retailer, said it adjourned the meeting as there were not enough votes to adopt the Dollar Tree agreement.

The company had earlier postponed the meeting from Dec. 11 to Tuesday.

Family Dollar agreed to be acquired by Dollar Tree for $8.5 billion in cash and stock after twice rejecting higher all-cash bids from bigger rival Dollar General Corp , citing antitrust concerns.

Dollar General took its $9.1 billion offer directly to Family Dollar’s shareholders in September.

Dollar General and Dollar Tree did not immediately comment on Tuesday’s adjournment.

Proxy advisory firm Institutional Shareholder Services (ISS) said this month that Family Dollar’s shareholders should oppose the Dollar Tree takeover offer and postpone the meeting to vote on the deal.

Delaying a decision may result in a higher offer from either Dollar Tree or Dollar General, ISS said in a note on Dec. 11.

ISS declined to comment on the latest adjournment.

Family Dollar’s shares were little changed on $79.39 in late morning trading on the New York Stock Exchange, while Dollar General’s shares were up 1 percent at $69.45.

Dollar Tree’s shares were up 1 percent at $69.83 on the Nasdaq.

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