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Dollar Tree Stores, Inc. Announces $100 Million Accelerated Share
Repurchase
CHESAPEAKE,
Va. – August 31, 2007 - Dollar Tree Stores,
Inc. (NASDAQ: DLTR), the nation's leading operator of single-price
point dollar stores, today announced that after market
close on August 30, 2007 it entered into an agreement with Merrill
Lynch International to repurchase approximately $100 million of its
common shares under an accelerated share repurchase program. Dollar
Tree will acquire these common shares under the $500 million share
repurchase program announced on November 21, 2006. Upon completion
of this transaction, the Company will have about $98 million
remaining in future authorized share repurchases. This
is the Company’s third accelerated share repurchase program
since December 2006.
The
specific number of shares to be repurchased is generally based
on the volume weighted average share price of the
company’s common shares during the term of the
accelerated share repurchase program, subject to collar
provisions that establish the minimum and maximum price and
number of shares to be repurchased under the
agreement.
Under
the agreement, Dollar Tree will immediately pay $100 million.
The Company will initially receive approximately 1.6 million
shares --based on a calculation of approximately 70% of the
top end of the collar-- and will receive the additional shares
by the end of an estimated 1 to 4.5 month period contemplated
to complete the transaction, depending on market
condi
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