Family Dollar

Chesapeake, Va. - In a merger that will shake up the dollar store retail vertical, Dollar Tree is acquiring Family Dollar for $8.5 billion in cash and stock. The resulting company will operate more than 13,000 locations in the U.S. and Canada, with an annual sales volume of $18 billion.

Dollar Tree said it would acquire Family Dollar in a transformational cash and stock deal valued at $8.5 billion to create a company with more than 13,000 stores and annual sales of $18 billion.

The deal was unanimously approved by the boards of both companies and involves Dollar Tree paying Family Dollar shareholders $59.60 in cash and $14.90 in equivalent Dollar Tree shares.

Matthews, N.C. -- Family Dollar Stores’ third quarter income plunged 33% amid higher costs and increased competition. Same-store sales fell 1.8%, which marked the third straight quarterly decline.

Family Dollar is under pressure from activist investor Carl Icahn to put itself up for sale. The company has adopted a shareholder rights plan, or "poison pill."

Just two weeks after Family Dollar adopted a “poison pill” shareholder’s rights plan, billionaire investor Carl Icahn, who recently disclosed he has a 9.4% stake in the discount retailer, has fired back.

In an open letter to Family Dollar chairman Howard Levine, Icahn demanded that the company be put up for sale immediately. Icahn also said in the letter that he wants three of his representatives added to the Family Dollar board immediately and will take his proposal for a sale directly to shareholders if management doesn’t support it.

Matthews, N.C. – Billionaire activist investor Carl Icahn, who recently engaged in a high-profile effort to force EBay to separate its PayPal business, is now demanding that Family Dollar sell itself. Icahn, who recently disclosed he has a 9.4% stake in the discount retailer, sent an open letter to Family Dollar chairman Howard Levine saying that it is imperative the company be put up for sale immediately.

Jeffrey Thomas was elevated to the role of SVP of merchandise operations at Family Dollar as the retailer looks to reignite sales under the leadership of chief merchandising officer Jason Reiser.

Thomas previously served as vp of merchant services and fill a position previously held by Scott Zucker who left the company. Thomas will report to Jason Reiser, Family Dollar’s EVP and chief merchandising officer.

Richmond, Va. — Divaris Real Estate has leased shopping center space in Richmond to two retailers and a restaurant: Family Dollar, Wilson Lee Interiors and Hanako.

Family Dollar renewed its lease for 7,150 sq. ft. in the Divaris-leased and –managed Midlothian Crossing. Divaris represented the landlord, Midlothian Associates, in the transaction.

It looks like Sycamore Partners, which owns approximately 9.9% of Express’ outstanding shares, is interested in acquiring the retailer.

Express confirmed that it has received a letter from Sycamore and has established a special committee of the board to determine a course of action that serves the best interest of all stockholders. The retailer has also engaged Perella Weinberg Partners LP and Sullivan & Cromwell LLP as advisers to itself and the special committee.