Oct 31 (Reuters) - Dollar General Corp extended for the second time its tender offer to acquire shares of Family Dollar Stores Inc, as less than 4 percent of Family Dollar’s shares had been tendered so far.
Family Dollar, which has spurned Dollar General’s takeover approaches twice, citing anti-trust concerns, has been pushing for a lower cash-and-stock deal from Dollar Tree Inc of $74.50 per share.
Dollar General said its tender offer would now expire on Dec. 31, instead of Oct. 31.
About 4 million shares, nearly 3.6 percent of Family Dollar’s total share capital of about 114 million, had been validly tendered into the offer as of Oct. 30, Dollar General said in a statement.
It had set Oct. 8 as the deadline for the tender offer, when it took its all cash $80 per share bid for Family Dollar hostile in September.
Reporting by Siddharth Cavale in Bangalore; Editing by Tresa Sherin Morera