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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. (http://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 buy the discount retailer.
Garden also served on a committee of four directors that oversaw
Family Dollar's review of strategic alternatives including the
Dollar Tree deal.
Family Dollar's shareholders approved Dollar Tree's
cash-and-stock offer last week, scuppering a higher hostile
offer from larger rival Dollar General Corp.
Trian did not provide a reason for the sale of its stake.
Activist investor Carl Icahn who once was Family Dollar's
largest shareholder, sold his entire stake in September, last
year, indicating that he did not expect a higher bid for the
company.
Shares of Family Dollar closed at $76.36 on the New York Stock
Exchange on Monday.
(Reporting By Yashaswini Swamynathan in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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