Investor Nelson Peltz's Trian Fund Management LP slashed its stake in Family Dollar Stores Inc by more than two-thirds to 2.07 percent, days after the company's shareholders agreed to Dollar Tree Inc's $8.5 billion takeover offer.Trian Management sold about 6 million shares of Family Dollar for a total of about $456.5 million, the hedge fund said in a regulatory filing. (1.usa.gov/1EolGvx)Trian was Family Dollar's second-largest shareholder before the sale. He owned nearly 8.4 million shares in the company, according to Jan. 22 filing.Trian Chief Investment Officer Edward Garden has been a member of Family Dollar's board since 2011, after Peltz withdrew an offer to purchase the discount retailer.
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 0.74% or $-0.57/share to $76.36. In the past year, the shares have traded as low as $55.64 and as high as $80.97. On average, 1711110 shares of FDO exchange hands on a given day and today's volume is recorded at 9102367.
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