Dive Brief:
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A Delaware Chancery Court judge Friday dismissed a shareholder lawsuit to delay a vote on Dollar Tree’s offer to acquire Family Dollar, clearing the way for a shareholder vote Tuesday.
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A source has told the Charlotte Observer, however, that shareholders are expected to close their meeting without taking the vote, effectively tabling the matter.
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The move wouldn’t put Dollar Tree’s offer in jeopardy, but would give shareholders more time to consider a competing offer from Dollar General, which is higher but comes with more antitrust concerns.
Dive Insight:
Tussles over the competing offers to acquire Family Dollar are clearly continuing up to the last minute. It looks like things won’t be settled by Christmas after all.
Shareholders are claiming that Family Dollar isn’t adequately considering Dollar General’s offer, but Delaware Chancery Court Judge Andre Bouchard ruled that Family Dollar’s board’s reasons for considering a deal from Dollar Tree are sound. This is all down to the wire, but even if a vote doesn’t take place Tuesday, it nevertheless won’t be much longer now.