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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dollar General Corporation | NYSE:DG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 0.26% | 137.50 | 138.68 | 135.965 | 136.42 | 2,268,788 | 01:00:00 |
By Michael Calia
Trian Fund Management LP, the firm controlled by activist investor Nelson Peltz, trimmed its stake in Family Dollar Stores Inc., days after the discount chain's shareholders approved a deal to be acquired by Dollar Tree Inc.
Trian, which had supported that deal, said in a regulatory filing that it cut its stake to little more than 2% after previously holding 7% of Family Dollar.
Family Dollar shareholders approved the $8.7 billion deal with Dollar Tree last week after several delays prompted by Dollar General Inc.'s larger bid. However, Family Dollar had rejected Dollar General's $9.1 billion proposal over concerns that regulators would force the discount chain to sell more locations than Dollar General estimated.
Dollar Tree, likewise, had said it would need to divest a much smaller amount of stores to gain approval from the Federal Trade Commission.
Trian, which has an executive on Family Dollar's board, supported the Dollar Tree deal, cutting against the grain as many, including activist investor Elliott Management Corp., had thought Dollar General was a more logical suitor.
Dollar Tree made its offer in July. Dollar General, surprised by the agreement as it had been exploring a deal for Family Dollar for several months, responded with an unsolicited offer weeks later, setting off months of posturing and regulatory wrangling.
Write to Michael Calia at michael.calia@wsj.com
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