Dive Brief:
- Family Dollar Stores rejected a $9.1 billion tender offer from rival Dollar General on Wednesday.
- The company said that the acquisition would still run into antitrust issues, despite Dollar General's pledge to shed up to 1,500 stores if necessary.
- Family Dollar also affirmed its support for a $8.5 billion deal with Dollar Tree, which was announced late July.
Dive Insight:
Family Dollar's rejection has the backing of one of its major shareholders, hedge fund Trian Partners. The fund's co-founder Ed Garden said that the lower offer from Dollar Tree takes antitrust risk "off the table," making it more appealing to the company.
