Dive Brief:
- Dollar General isn't giving up on its hunt for Family Dollar, says chairman and CEO Rick Dreiling. This is despite Family Dollar's government-pending acquisition by Dollar Tree.
- Dreiling says they expect to present Family Dollar shareholders a new offer before a Family Dollar shareholder meeting set for Dec. 23, according to Supermarket News.
- "We’re working hard to be in a position to complete this transaction and begin the process of combining our two companies," Dreiling said.
Dive Insight:
Dreiling also told analysts that the company hopes to head to a few new states come next year: Maine, Oregon, and Rhode Island. According to Bloomberg, Dollar General's third quarter profit was below analysts' expectations. Net income for the company dipped less than 1% to $236.3 million.
We'll find out soon if Family Dollar's updated offer in the upcoming weeks has any traction in this quest.