Family Dollar said Wednesday that it plans to delay a shareholder vote on its proposed acquisition by Dollar Tree nearly two weeks, to give federal antitrust authorities more time to review the deal.
The vote is now scheduled for Dec. 23. Family Dollar said it expects to receive updated information from the Federal Trade Commission about the agency’s review of the Dollar Tree deal and update shareholders in the first week of December.
“The special meeting has been rescheduled to provide Family Dollar shareholders with sufficient time to review the additional disclosure in advance of the meeting,” the company said in a news release.
Family Dollar is trying to complete its planned $8.5 billion cash-and-stock acquisition by Dollar Tree. The company is also trying to fend off a rival offer from Dollar General, which made a hostile, $9.1 billion all-cash bid to buy Family Dollar.
The vote will likely hinge on whether shareholders believe Family Dollar’s assertion that the FTC would approve the Dollar Tree deal and block the Dollar General deal because of antitrust concerns.