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Family Dollar (FDO) Stock Surges on Pricey Takeover Deal

Shares of Family Dollar soared on Monday making it TheStreet's Move of the Day. The discount retailer surged after accepting a takeover bid from Dollar Tree worth $8.5 billion, or about $74.50 a share, in cash and stock, which was about a 22% premium to Family Dollar's Friday closing price of $60.66 a share. Family Dollar CEO Howard Levine said in a statement released Monday morning: "While this assessment of alternatives included consideration of a number of potential partners, we are pleased to conclude this process with the announcement of this compelling transaction with Dollar Tree, which our board has unanimously determined to be in the best interests of our shareholders."