Mergers & Acquisitions

Goodlettsville, Tenn. – Dollar General Corp. is upping the ante in its $9.1 billion bid to purchase Family Dollar Inc. by making a hostile takeover offer to Family Dollar stockholders of $80 per share. This offer beats the $74.50 per share, $8.5 billion offer Family Dollar has accepted from Dollar Tree Inc, and is a 32% premium over the closing price of $60.66 for Family Dollar stock on Sept. 9.
 

Since Family Dollar’s board of directors unanimously rejected Dollar General’s second and sweetened tender offer from Sept. 2, Dollar General has decided to make the tender offer directly to the company’s shareholders.

The company’s all-cash offer of $80 per share beats Dollar Tree’s offer of $74.50 per share cash/stock offer originally made July 28. The Family Dollar board has rejected both Dollar General’s offers on the basis of antitrust regulatory considerations.

CVS Health has named Mary Langowski EVP for strategy, policy and market development, effective Oct. 14.

Langowski will join CVS Health from international law firm DLA Piper where she serves as the chair of the Health Care Policy and Regulatory Practice and the co-chair of the Food and Beverage Sector.

Starboard Value CEO and chief investment officer Jeffrey Smith has resigned from the Office Depot board, effective immediately. The company’s nominating and governance committee plans to start a search for a replacement.

According to Lands’ End president and CEO Edgar Huber, the company is well positioned to continue executing against its strategic initiatives to drive long-term sales and earnings growth.

The retailer, which completed its separation from Sears on April 4, has achieved double digit year-over-year adjusted EBITDA growth for more than four consecutive quarters as of the second quarter of fiscal 2014.

Fort Worth, Texas – Analyst firm Wedbush Securities is reportedly advising clients that a bankruptcy is “imminent” at RadioShack. According to Barron’s, Wedbush has lowered its target price for RadioShack to $0, citing concerns including inability to secure lender approval for 1,100 proposed store closings and general weakness in the consumer electronics sector.

Plano, Texas – J.C. Penney Company Inc. is raising capital by selling $350 million worth of senior notes due in 2019. The proceeds will mostly be used by pay off fees and expenses related to previous senior notes offering coming due in 2015, 2016 and 2017.

Canton, Mass. – Baskin-Robbins is expanding its footprint in Southern California with both existing and new franchisees from San Diego to Bakersfield, California. Existing Baskin-Robbins shops also are available throughout Southern California.

Houston – Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market. The agreement requires Adkins to open a minimum of 60 stores during a 15-year period.

Chesapeake, Va. -- Dollar Tree Inc. and Family Dollar Stores Inc. announced, as expected, they have received a second request for information from the U.S. Federal Trade Commission in connection with Dollar Tree's pending $8.5 billion deal to acquire Family Dollar.