Wednesday, 25 May 2016
Last updated 24 min ago
Jul 30 2014 | 8:14am ET
If, as he hopes, another bidder drives up the price for discount retailer Family Dollar Stores, Carl Icahn won’t be reaping the full benefit.
The billionaire yesterday disclosed that he had cut his stake in Family Dollar to just over 6% from 9.4%. The move comes after Dollar Tree offered $8.5 billion for Family Dollar, less than two months after Icahn began agitating for a sale.
Icahn said this week that there were several other possible bidders for Family Dollar who might pay more for the company. But after earning an estimated $174 million profit in just seven weeks, Icahn said he decided “that better returns can be achieved by deploying capital elsewhere.”