Family Dollar Stores said based on a preliminary count of the votes cast at its special meeting of stockholders, its shareholders voted to approve the proposed merger with Dollar Tree.
“Based on preliminary count, around 84 million shares voted in favour of the merger proposal, which represents 74 per cent of the total outstanding and 89 per cent of the total shares voted,” it said.
As of October 30, 2014, the record date for the special meeting, there were approximately 114 million shares of Family Dollar common stock outstanding.
The proposed merger remains subject to approval by the Federal Trade Commission and Dollar Tree and Family Dollar have agreed to provide the FTC with four weeks’ notice prior to closing.
Dollar Tree expects to initiate this four-week notice period after it has executed a consent decree with the FTC's Bureau of Competition, which would permit FTC clearance and the closing of the merger.
The independent inspector of Elections, IVS Associates will tabulate all proxies and ballots submitted at the special meeting.
Final results will be released after the votes have been tabulated and certified, which Family Dollar expects to happen next week.
“We are pleased with the outcome of today’s vote, and I want to thank Family Dollar stockholders for their support throughout this process,” said Howard Levine, CEO of Family Dollar.
He added, “We look forward to completing the transaction with Dollar Tree and remain excited about the opportunity that this combination will create for all our stakeholders.” (AR)
