Dollar General says it hasn't given up on the idea of buying Family Dollar.
While announcing second-quarter earnings Wednesday, Dollar General's ( CEO reiterated his intentions. )
"The financial benefits of our offer to Family Dollar shareholders is indisputable, and the proposed combination would unlock tremendous value for Dollar General shareholders," said Rick Dreiling in a statement. "We continue to believe the potential antitrust issues are manageable and that our transaction as proposed is both superior and achievable."
Family Dollar ( last week rejected Dollar General's )near $10 billion offer, deciding instead to stick with an $8.5 billion bid from Dollar Tree (. One of the reasons Family Dollar cited for rejecting Dollar General's offer were antritrust concerns about getting the deal done. )
Combined, Family Dollar and Dollar Tree would have more than 13,000 stores and annual revenue of $18 billion. That would surpass the current leader in the dollar-store sector, Dollar General, which has more than 11,000 stores and revenue of $17.5 billion.
Dollar General's second-quarter earnings met analysts' expectations, rising to 83 cents a share from 75 cents a year earlier. But revenue was lighter than expected at $4.72 billion.
Dollar General said its most significant growth was related to tobacco products, perishables, and candy and snacks.