Confident It Can Quickly and Effectively Address Any Potential
Dollar General's Existing Proposal Provides Superior Valuation to
Family Dollar Shareholders
GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--
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 assumptions that 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
Winn Pilkington, 615-855-5536
Emma Jo Kauffman, 615-855-5525
Steve Lipin or Shahed Larson, 212-333-3810
Media Hotline, 877-944-DGPR (3477)
Source: Dollar General Corporation
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