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, it said in a regulatory filing. (1.usa.gov/1EolGvx)The hedge fund was Family Dollar's second-largest shareholder before the sale with nearly 8.4 million shares, according to a Jan. 22 filing.Trian bought the bulk of its shares in 2010 for around $36 each, SEC filings show. Family Dollar shares have more than doubled in price since then.
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 traded higher by 0.12% or $0.09/share to $76.45. 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 86610.
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