Dollar General Reaffirms Commitment to Acquisition of Family Dollar
Confident It Can Quickly and Effectively Address Any Potential Antitrust
Dollar General’s Existing Proposal Provides Superior Valuation to Family
GOODLETTSVILLE, Tenn. -- August 21, 2014
Dollar General Corporation (NYSE: DG) today announced the following statement
regarding its proposed acquisition of Family Dollar Stores, Inc. (NYSE: FDO)
following Family Dollar’s rejection of the proposal.
“We are disappointed that the Family Dollar Board of Directors has concluded
that our proposal is not reasonably expected to lead to a superior proposal
without informing itself of all relevant information,” said Rick Dreiling,
Dollar General’s Chairman and Chief Executive Officer. “We have done extensive
antitrust analysis using experienced advisers, the results of which confirm
that the transaction as proposed is capable of being completed. We remain
willing to share this analysis with Family Dollar and its counsel and are
confident that we will be able to quickly and efficiently resolve any
potential antitrust issues.”
Mr. Dreiling continued, “We are carefully reviewing and considering our
options. Our existing all-cash proposal coupled with manageable antitrust
issues continues to make our proposal superior to the current transaction
agreement with Dollar Tree.”
Goldman, Sachs & Co. is acting as financial advisor to Dollar General and
Simpson Thacher & Bartlett LLP is acting as its legal counsel.
Dollar General includes “forward-looking statements” within the meaning of the
federal securities laws throughout this release, including by way of example
and without limitation plans, intentions and expectations regarding Dollar
General’s proposal to acquire Family Dollar. A reader can identify
forward-looking statements because they are not limited to historical fact or
they use words such as “may,” “will,” “could,” “should,” “would,” “expect,”
“believe,” “anticipate,” “project,” “plan,” “estimate,” “forecast,” “goal,”
“objective,” “committed,” “intend,” “continue,” or “will likely result” and
similar expressions that concern Dollar General’s strategy, plans, intentions
or beliefs about future occurrences or results.
Forward-looking statements are subject to risks, uncertainties and other
factors that may change at any time and may cause actual results to differ
materially from those that Dollar General expected. Many of these statements
are derived from Dollar General’s operating budgets and forecasts, which are
based on many detailed assumptionsthat Dollar General believes are
reasonable, or are based on various assumptions about certain plans,
activities or events which we expect will or may occur in the future. However,
it is very difficult to predict the effect of known factors, and Dollar
General cannot anticipate all factors that could affect actual results that
may be important to an investor. All forward-looking information should be
evaluated in the context of these risks, uncertainties and other factors,
including those factors disclosed under “Risk Factors” in Dollar General’s
most recent Annual Report on Form 10-K and any subsequent quarterly filings on
Form 10-Q filed with the Securities and Exchange Commission.
All forward-looking statements are qualified in their entirety by the
cautionary statements that Dollar General makes from time to time in its SEC
filings and public communications. Dollar General cannot assure the reader
that it will realize the results or developments Dollar General anticipates
or, even if substantially realized, that they will result in the consequences
or affect Dollar General or its operations in the way Dollar General expects.
Forward-looking statements speak only as of the date made. Dollar General
undertakes no obligation to update or revise any forward-looking statements to
reflect events or circumstances arising after the date on which they were
made, except as otherwise required by law. As a result of these risks and
uncertainties, readers are cautioned not to place undue reliance on any
forward-looking statements included herein or that may be made elsewhere from
time to time by, or on behalf of, Dollar General.
About Dollar General Corporation
Dollar General Corporation has been delivering value to shoppers for 75 years.
Dollar General helps shoppers Save time. Save money. Every day!® by offering
products that are frequently used and replenished, such as food, snacks,
health and beauty aids, cleaning supplies, basic apparel, house wares and
seasonal items at low everyday prices in convenient neighborhood locations.
With more than 11,500 stores in 40 states, Dollar General has more retail
locations than any retailer in America. In addition to high quality private
brands, Dollar General sells products from America's most-trusted
manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola,
Mars, Unilever, Nestle, Kimberly-Clark, Kellogg's, General Mills, and PepsiCo.
For more information on Dollar General, please visit www.dollargeneral.com.
Dollar General Corporation
Mary Winn Pilkington, 615-855-5536
Emma Jo Kauffman, 615-855-5525
Steve Lipin or Shahed Larson, 212-333-3810
Dollar General Corporation
Media Hotline, 877-944-DGPR (3477)
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