Dollar Tree to acquire Family Dollar for $8.5B
Dollar Tree, a Virginia-based company known for selling its goods for $1, said Monday it plans to buy N.C.-based Family Dollar Stores.
The cash-and-stock deal has a value of $8.5 billion, company officials said. It heads off a potentially long and ugly proxy fight with activist investor Carl Icahn, who has been pushing to force a sale of the company.
The sale is the culmination of a months-long effort by Family Dollar to improve its performance, after lagging behind competitors such as Dollar General and Dollar Tree. The company has tried closing 370 under-performing stores, reshuffling executives, and adding beer and wine nationally, but Family Dollar hasn't closed the gap.
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Dollar Tree said stockholders of Family Dollar Stores will receive $59.60 in cash for every share they own. They will also receive $14.90 worth of Dollar Tree shares -- the current price of one share of Dollar Tree stock. When the deal is complete, Family Dollar shareholders will own about 13 to 15 percent of the new, combined Dollar Tree, executives said.
Company officials said Dollar Tree will pay a total $74.50 a share, a premium of 22.8 percent over Family Dollar's closing price last Friday.
Family Dollar will continue to operate under its current name as a separate store. But the combined company will examine individual store locations and likely switch some Family Dollar stores to Dollar Tree stores, or vice versa.
Family Dollar Chief Executive Howard Levine will remain with the merged company to run Family Dollar and report directly to Dollar Tree CEO Bob Sasser.
John Cannon Homes brings in Excel Awards
SARASOTA -- John Cannon Homes was awarded two Excel Awards at the 36th annual Southeast Building Conference.
The company won awards for best newspaper and best magazine advertisement for a builder.
Both ads were designed in partnership with John Cannon Homes and the creative team at boostDFM, a local Digital Marketing Firm. The awards were presented by The Florida Home Builders Association Sales & Marketing Council to the best professionals from around the state.
Local accounting firm expands to larger location
BRADENTON -- Kenneth Jarvis PLLC, a local accounting, tax, and consulting firm, has moved to a larger location to support its continued growth.
The office, located less than 10 minuted from its former Lakewood Ranch location, is nearly triple in size. Kenneth Jarvis PLLC is a certified public accounting firm that specializes in Advisory, Financial, and Tax Services. The firm has been serving clients locally since 2002.
The new address is 9030 58th Dr. E, Bradenton.
Herald staff and wire reports