Two major dollar store chains have reportedly struck an agreement to merge, a deal made for $8.5 billion.
Dollar Tree, based in Virginia, and Family Dollar Stores will combine, the companies said Monday. Dollar Tree will acquire its rival for $8.5 billion.
The transaction follows efforts by activist investor Carl Icahn, who had earlier pushed to sell the company; according to reports, the merger staves off a potentially lengthy battle lead by Icahn.
Family Dollar has reportedly been struggling against its largest rivals Dollar Tree and Dollar General. Family Dollar has reportedly acted to close locations, lay off workers and make other changes to improve business and prevent a takeover.
Following to merger, reports say Family Dollar will continue to operate under its separate brand.
Antitrust regulators must clear the deal, which is expected to close early next year.
Full content: Lake Wylie Pilot
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