By  on August 18, 2014

Dollar General Corp. has entered the bidding for Family Dollar Stores Inc. with a deal worth $9.7 billion.

The offer is an all-cash proposal at $78.50 a share. Dollar General sent a letter to Family Dollar’s board this morning and still needs to conduct due diligence before submitting a definitive merger agreement. And while Dollar General will need to divest up to 700 stores to garner the requisite antitrust approval, the retailer said that’s a comparable percentage to the 500 stores Dollar Tree agreed to divest to complete its transaction with Family Dollar.

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