NEW YORK (TheStreet) -- Big surprises and it's not even Christmas yet.
Family Dollar (FDO) on Tuesday opted for a last-second adjournment to its vote to sell itself for $8.5 billion to Dollar Tree (DLTR) , surprising investors and giving hope to third-wheel bidder Dollar General (DG) .
Dollar General was gaining 0.9% to $69.30 on the news while Dollar Tree was adding 0.7% to $69.57. Family Dollar was up 0.3% to $79.34.
The holdup of the sale of Family Dollar comes after proxy adviser Institutional Shareholder Services recommended the company's board delay the deal vote yet again. ISS suggested the delay could ultimately result in a higher offer for the company. At an Ebitda multiple of 11 times, both bidders are already taking on a richly priced asset in Family Dollar.
Some shareholders have been looking to topple the Family Dollar-Dollar Tree deal, and possibly push Family Dollar into the arms of rival Dollar General, which is offering more than $9 billion to buy the discount retailer.
Now, Family Dollar said, it will have shareholders reconvene on Jan. 22, 2015, to decide what will happen in the company's sale. It remains to be seen if Dollar General will again elect to extend its tender for the company, set to expire Dec. 31 -- but all signs point to the bigger competitor in the sale continuing to fight for Family Dollar.