Acquisition of Dollar General moving ahead
June 19, 2007,
Goodlettsville, Tenn. -- Dollar General said the Kohlberg Kravis Roberts (KKR) affiliate Buck Acquisition has “received consents and tenders for approximately 99% of the aggregate principal amount” of the retailer’s debt notes by the June 15 deadline, meaning the merger/acquisition is set to go forward prior to the tender offer expiration on June 29.
The retailer said Buck, as planned, had launched an offer of $1.9 billion aggregate principal amount of notes consisting of $725 million of senior toggle notes due 2015, $625 million of senior cash-pay notes due 2015, and $550 million of senior subordinated notes due 2017.
Dollar General also noted that the Circuit Court for Davidson County denied plaintiffs’ motion for a temporary injunction to delay the company’s shareholder meeting on June 21. The lawsuit had alleged “claims for breach of fiduciary duty arising out of the proposed sale of the company to KKR.”
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