Dollar Tree Completes Family Dollar Acquisition

(RTTNews) - Discount retailer Dollar Tree, Inc. (DLTR) said Monday that it has completed the acquisition of rival Family Dollar Stores, Inc.

Under the deal first announced and unanimously approved by each company's Board of Directors in July 2014, Family Dollar shareholders are entitled to receive $59.60 in cash and 0.2484 of a share of Dollar Tree common stock for each share of Family Dollar common stock.

The company also said that Gary Philbin has been named President and Chief Operating Officer of Family Dollar, effective immediately. Philbin joined Dollar Tree as Senior Vice President of Stores in December 2001, and was later promoted to Chief Operating Officer in March 2007 and to President in June 2013.

Howard Levine, Chief Executive Officer of Family Dollar, has been appointed to Dollar Tree's board of directors, effective immediately.