Courtesy of Benzinga.
Dollar Tree, Inc. (NASDAQ: DLTR), the nation’s leading operator of discount variety stores selling everything for $1 or less, and Family Dollar Stores, Inc. (NYSE: FDO), a leading national discount retailer offering name brands and quality, private brand merchandise, today announced that, as expected, the two companies have each received a request for additional information (“second request”) from the Federal Trade Commission (“FTC”) in connection with Dollar Tree’s pending acquisition of Family Dollar. The second request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (“HSR Act”).
The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Dollar Tree and Family Dollar have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. Dollar Tree and Family Dollar intend to cooperate fully with the FTC, are confident that regulatory approval will be obtained, and expect to close the transaction as early as the end of November 2014.
J.P. Morgan Securities LLC is acting as exclusive financial advisor to the board of directors of Dollar Tree, and J.P. Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Bank of America, N.A., Royal Bank of Canada and U.S. Bank, National Association, and certain of their affiliates have committed to provide financing for the transaction. Wachtell, Lipton, Rosen & Katz and Williams Mullen are acting as legal counsel to Dollar Tree in connection with the transaction. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to the board of directors of Family Dollar in connection with the transaction. Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel to Family Dollar.
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