Family Dollar tells investors to reject takeover

MATTHEWS, N.C. (AP) — Family Dollar is telling shareholders to reject an unsolicited, $9.1 billion takeover bid by its rival, Dollar General.

Family Dollar is currently trying to arrange a sale to another bargain chain, Dollar Tree.

After repeated rejections by Family Dollar Stores, Dollar General Corp. last week appealed directly to shareholders of Family Dollar Stores Inc., offering them the same price for their shares.

Family Dollar accepted an $8.5 billion buyout offer from Dollar Tree Inc. in July.

Shares of Family Dollar, based in Matthews, North Carolina, are trading close to all-time highs, as are shares of Dollar General, based in Goodlettsville, Tennessee.