Perdue to Exit Dollar General Upon Merger
Casual Living Staff -- Casual Living, June 25, 2007
At a special meeting on June 21, Dollar General shareholders voted to approve the proposed merger/acquisition engineered by Kohlberg Kravis Roberts (KKR) affiliate Buck Acquisition, which earlier this month said it had "received consents and tenders for approximately 99% of the aggregate principal amount" of the retailer's debt notes.
The transaction is valued at about $7.3 billion.
Dollar General noted last week that the Circuit Court for Davidson County denied plaintiffs' motion for a temporary injunction to delay the special shareholder meeting; the lawsuit had alleged "claims for breach of fiduciary duty arising out of the proposed sale of the company to KKR."
The retailer announced that chairman and ceo David Perdue advised the company that he expects to resign upon completion of the merger, which is set to close on or about July 6. Perdue praised the merger, and said, "This event marks a major milestone in the long and successful history of Dollar General."
KKR said it expects that David Bere, the current president and coo of Dollar General, will be named interim ceo while a search is undertaken.