Dollar General enters the bidding war for Family Dollar this morning with a $8.95 billion bid.
With a weakening economy and increasing consumer interest in dollar stores, the competition for Family Dollar has increased. If you don't remember, at the end of July Dollar Tree proposed a buy out of $8.5 billion.
"We have a tremendous amount of strength in the rural communities and we have things to learn in the metro," Dollar General Chief Executive Rick Dreiling said on a conference call and reported by Reuters. "Family Dollar is just the reverse."
With an acquisition of Family Dollar, Dollar General would have around 20,000 stores across 46 U.S. states and $28 billion annual sales in excess.
To read more about the bidding war, go here.