NEW YORK (AP) – Dollar Tree is buying rival discount store Family Dollar in a cash-and-stock deal valued at about $8.5 billion.
Stockholders of Family Dollar Stores will receive $59.60 in cash and the equivalent of $14.90 in shares of Dollar Tree for each share they own. The companies put the value of the transaction at $74.50 per share.
The boards of both companies have unanimously approved the deal, which is expected to close by early next year.
Shares of Family Dollar Stores Inc., based in Charlotte, North Carolina, spiked 20 percent before the opening bell Monday. Shares of Dollar Tree Inc., based in Chesapeake, Virginia, are up almost 4 percent.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Family Dispute Arises Over GoFundMe Campaigns
- North Texas Flood Victims Struggle Without Flood Insurance
- Day Of Service Honors Legacy Of MLK In North Texas
- Storms Leave Debris And Frightened Residents In Their Wake
- Lessons In Life For Middle School Boys At Dallas Conference
- Smartphone Apps Claim To Repel Mosquitoes
- Collin County Commissioner Warns Of Illegal Immigrant Tsunami
- Dallas County Commissioner Arrested, Pleads Not Guilty To Federal Charges
- Suspected Illegal Immigrant Arrested For Taking Lewd Pictures Of Women
- Teens Rescued In Denton County Human Trafficking Sting