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 Subsequent Share Repurchase
10.16.12
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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 41,400,000 shares (including the full exercise of the over-allotment option) of common stock and a subsequent share repurchase by Dollar General of 4,929,508 additional shares. The secondary offering closed at a public offering price of $51.75 per share, resulting in gross proceeds to the selling shareholders (including KKR, other investors and certain members of management) of approximately $2.14 billion. In the subsequent share repurchase, Dollar General repurchased shares of common stock from Buck Holdings in a private transaction, resulting in additional gross proceeds of $250 million.
Dollar General is the largest discount retailer in the United States by number of stores, with 10,203 stores located in 40 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, Linda Tieh and Matthew Farrell (Corporate); and Jonathan Cantor and Jodi Sackel (Tax).