Family Tree – Dollar store chains will combine
Dollar Tree announced on Monday, July 28, that it will buy the Family Dollar stores, an $8.5 billion deal that will give the company control of 13,000 stores around the country, including the store in Oakhurst.
According to a jointly-issued press release, the deal was unanimously approved by the boards of directors of both companies. Family Dollar shareholders will receive $59.60 in cash and $14.90 in Dollar Tree stock for each share they own.
“This acquisition, which enhances our footprint and diversifies our company, will enable us to build on that progression, and importantly, positions Dollar Tree for accelerated growth,” Bob Sasser, Dollar Tree’s Chief Executive Officer, said in a press release. “By offering both fixed-price and multi-price point formats and an even broader, more compelling merchandise assortment, we will be able to provide even greater value and choice to a wider array of customers.”
Customers of the store won’t notice any immediate change because both companies are still finalizing the deal, which is expected to close by early 2015.
The press release did not say whether there would be any store closings as a result of the deal.