Family Dollar Shareholders Approve Dollar Tree Merger Deal
Published at
SweetBabeeJay/iStock Editorial/Thinkstock(NEW YORK) — Family Dollar stockholders voted on Thursday to approve a merger with Dollar Tree, a deal months in the making.
Family Dollar said in a news release about 89 percent of the total shares voted were voted in favor of the merger. “We are pleased with the outcome of today’s vote,” said Howard Levine, Family Dollar’s chairman and CEO.
The merger remains subject to the approval of the Federal Trade Commission, which the Family Dollar release said will be given four weeks’ notice before the companies close on the merger.
Dollar Tree CEO Bob Sasser said in a statement that the merger means that the company “will soon operate 13,000 stores in 48 states and five Canadian provinces with annual sales exceeding $18 billion.”
The merger has been in the works since July 2014. Bloomberg News reports that the deal is worth more than $8 billion.
Follow @ABCNewsRadio
Copyright © 2015, ABC Radio. All rights reserved.