Activist investor Carl Icahn cut his stake in Family Dollar Stores Inc, a day after the company agreed to be bought by rival discount chain Dollar Tree Inc for $8.5 billion.Icahn said he was "determined" to dispose part of his stake rather than wait for the deal to close or for higher offers to emerge.Icahn, who had threatened a proxy war against the struggling discount chain if it did not put itself up for sale, said on Monday there were "a handful of potential buyers" who could be a better fit to purchase Family Dollar.He had earlier touted fellow discounter Dollar General Corp as a potential buyer.
Dollar General Corporation is a discount retailer in the United States by number of stores, with 9,961 stores located in 39 states as of March 2, 2012, primarily in the southern, southwestern, midwestern and eastern United States. Shares of DG traded higher by 0.97% or $0.54/share to $56.10. In the past year, the shares have traded as low as $52.40 and as high as $65.99. On average, 5546220 shares of DG exchange hands on a given day and today's volume is recorded at 5431793.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR fell by 0.78% or $-0.43/share to $54.44. In the past year, the shares have traded as low as $49.59 and as high as $60.19. On average, 2204440 shares of DLTR exchange hands on a given day and today's volume is recorded at 13010995.
Family Dollar Stores, Inc. (Family Dollar) operates a chain of more than 7,900 general merchandise retail discount stores in 46 states, providing consumers with a selection of merchandise in neighborhood stores. Shares of FDO fell by 1.64% or $-1.24/share to $74.50. In the past year, the shares have traded as low as $55.64 and as high as $76.82. On average, 2174870 shares of FDO exchange hands on a given day and today's volume is recorded at 7627614.
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