Dollar General takes $9.1 billion offer directly to Family Dollar shareholders
GOODLETTSVILLE, Tenn. — Dollar General on Wednesday announced that it has commenced a tender offer to acquire all outstanding shares of Family Dollar stores for $80.00 per share in cash. This represents a premium to the closing price of $78.70 per Family Dollar share as of Tuesday.
The offer is scheduled to expire at 5 p.m., EST, on Oct. 8, unless the offer is extended.
Dollar General also will promptly file for clearance under the Hart-Scott-Rodino Act, which will allow the company to begin the antitrust approval process with the Federal Trade Commission.
"Our offer provides Family Dollar shareholders with significantly greater value than the existing agreement with Dollar Tree, as well as immediate and certain liquidity for their shares," stated Rick Dreiling, chairman and CEO of Dollar General. "By taking this step, we are providing all Family Dollar shareholders a voice in this process, and we urge them to tender into our offer."
"Additionally, we now can begin the antitrust review process and will have an opportunity to present our position directly to the FTC. As we previously have stated, we are confident in the results of our antitrust analysis, and we look forward to a constructive dialogue with the FTC," Dreiling said.
According to Dollar General, Dollar General's all-cash offer of $80.00 per share provides Family Dollar shareholders with a substantially superior valuation to the $74.50 per share cash / stock offer announced by Dollar Tree on July 28, 2014. Dollar General's offer provides Family Dollar's shareholders with approximately $640 million of additional aggregate value over Dollar Tree's offer and represents a premium of 31.9% over the closing price of $60.66 for Family Dollar stock on the day prior to the Dollar Tree announcement.
The offer is not conditioned upon any financing arrangements. Dollar General has received written financing commitments that are in full force and effect from Goldman, Sachs & Co. and Citigroup Global Markets for all of the financing necessary to consummate the proposed all-cash transaction.
Goldman, Sachs & Co. is acting as financial advisor to Dollar General. KKR Capital Markets and MCS Capital Markets are advising the company on the financing. Simpson Thacher & Bartlett is acting as its legal counsel.
iWalkFree introduces hands-free crutch
LONG BEACH, Calif. — iWalkFree recently launched the new iWalk2.0, a hands free crutch which some refer to as the “Pirate Leg Crutch.” The iWalk2.0 is used for all lower leg injuries and recruits the uninjured upper leg instead of the hands and arms as with conventional crutches. This allows the user to walk on both legs with only minor gait adaptation.
“Over four million people buy crutches in the U.S. alone,” stated Brad Hunter, director of business development for iWalkFree. “Walking and standing is intuitive, efficient and pain free. Most users are iWalking in less than a minute.”
The iWalk2.0 made its debut at Medtrade in Orlando, Florida in October 2013 and was awarded the Innovation Award as the best product of the show. They also won awards for Best Product and Best New Product. iWalk2.0 has also earned Best New Product honors at ECRM earlier this year.
“We’re proud to have gained the recognition and acceptance of the industry, but more important, this helps validate that the technology works," Hunter said. "It’s difficult to bring a new concept to market, and achieving the buy-in of the medical device community is our first step in bringing a main stream awareness that the days of suffering on crutches are over.”
The iWalk2.0 has a retail price of $149.00 and can be worn by anyone with average strength and balance.
Giant Food of Landover launches adherence-improving Rx Timer Cap
LANDOVER, Md. — To encourage appropriate use of prescription medication, Giant Food of Landover on Tuesday introduced Rx Timer Cap, an electronic cap that is an alternative to the traditional prescription medication caps. Rx Timer Cap fits standard prescription containers and is available with either child-resistant closures or as an easy twist-off for seniors. For a limited time, all Giant Food locations are offering one free Rx Timer Cap to its grocery and pharmacy customers via an in-store coupon promotion at all pharmacy locations.
Giant Food’s Rx Timer Cap lets customers know exactly how long it has been since their last dose, as compared to directions on prescription labels alone, which just inform patients how often they should take their medication. Containing a built-in LCD timer, Rx Timer Cap works like a stopwatch, keeping track of the hours and minutes since a patient last opened the container and took his/her medication. Every time the cap is opened, the timer resets to zero. When the cap is closed, the timer automatically begins counting up the hours and minutes since the medication was last consumed. There are no alarms to program or buttons to press, and it works with any prescription medication.
“The Rx Timer Cap is a fantastic, easy-to-use healthcare tool that is beneficial to all customers who need to take prescription medication, irrespective of age,” stated Gayle Shields, director, pharmacy operations, Giant Food. “The chance of missing a dose, or multi-dosing, is significantly reduced using this cap. We are pleased to offer this cutting-edge technology in all Giant pharmacies as part of our commitment to providing high quality, customer-oriented and convenient products and services that promote our customers’ health and wellbeing.”
Customers may purchase additional caps to meet their prescription medication needs, at the cost of $2.99 per cap. Customers may continue to receive traditional caps on their prescriptions at no extra charge.
Loading Post Please Wait...