Family Dollar shareholders vote to approve Dollar Tree takeover at shareholder meeting

IndustriesAssociated Press

Family Dollar shareholders have voted to approve a takeover bid from rival Dollar Tree.

The deal still needs to be approved by the Federal Trade Commission, but Family Dollar expects it to close by March.

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Dollar Tree first offered to buy Matthews, North Carolina-based Family Dollar in July for about $8.5 billion.

A rival bidder, Dollar General Corp., offered several higher bids that were rejected. Dollar General's pursuit of Family Dollar is likely over. In a statement, Dollar General says the vote was a loss for Family Dollar shareholders and consumers.

A combination of Family Dollar and Chesapeake, Virginia-based Dollar Tree will create the largest dollar store company in the nation, with more than 13,000 stores. Dollar General, based in Goodlettsville, Tennessee, has more than 11,000 stores.