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Family Dollar delays sale vote

CHARLOTTE, N.C. — Investors and employees waiting to see what happens to Family Dollar Stores will have to wait a little longer.

The Matthews-based retailer adjourned Tuesday’s shareholder meeting before a vote on a proposed sale to Dollar Tree, saying Family Dollar did not have enough support to approve the deal.

The seven-minute meeting drew a half-dozen shareholders, who seemed to be outnumbered by security personnel wearing dark suits and earpieces. Chief executive Howard Levine made a brief statement thanking shareholders for their votes and adjourned the meeting.

The meeting is now scheduled to resume Jan. 22 at the same location, meaning it will be at least a month before the fate of one of Charlotte’s most prominent retailers is decided. The adjournment, which had been expected, was approved by a vote of about 72 million shares to 15 million shares, the retailer said.

Family Dollar is trying to build enough shareholder support to complete a deal in which it would be acquired by Virginia-based Dollar Tree for $8.5 billion in cash and stock. At the same time, Family Dollar is fending off a hostile, $9.1 billion all-cash bid by Tennessee-based rival Dollar General, which it has said would likely be blocked by federal antitrust regulators.

Dollar General signaled they’re not backing down. Shortly after the meeting ended, Dollar General — the nation’s largest small-box discount retailer — said it will extend its tender offer to buy all of Family Dollar’s stock for $80 a share to the end of January.

“Dollar General remains committed to the proposed acquisition of Family Dollar and will continue to cooperate with the Federal Trade Commission to obtain antitrust regulatory clearance,” the company said in a news release.

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