Simpson Thacher Represents Dollar General Corporation and its Controlling Shareholder Buck Holdings, L.P., an Affiliate of KKR, in Secondary Offering of Common Stock and Concurrent Share Repurchase
04.03.12
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The Firm recently represented Dollar General Corporation (“Dollar General”) and its controlling shareholder Buck Holdings, L.P., an affiliate of Kohlberg Kravis Roberts & Co., L.P., in connection with a secondary offering of 28,750,000 million shares (including the full exercise of the over-allotment option) of common stock and a concurrent share repurchase by Dollar General of 6,817,311 additional shares. The secondary offering closed at a public offering price of $45.25 per share, resulting in gross proceeds to the selling shareholders (including KKR, other investors and certain members of management) of approximately $1.30 billion. In the concurrent share repurchase, Dollar General repurchased shares of common stock from Buck Holdings in a private transaction, resulting in additional gross proceeds of $300 million.
Dollar General is the largest discount retailer in the United States by number of stores, with 9,961 stores located in 39 states, offering a broad selection of merchandise, including consumables, health and beauty products, seasonal products, pet supplies, home products and apparel.
The Simpson Thacher team for the transaction included Joe Kaufman, Marni Lerner, Matthew Farrell and Brittany McCants (Corporate), Jennie Getsin (FINRA) and Steven Todrys and Christian Miller (Tax).