Billionaire activist investor Carl Icahn amassed a new 9.4 percent stake in Family Dollar Stores Inc. and will seek talks with the discount retailer’s management and board about ways to boost shareholder value.
Family Dollar Stores Inc. surged the most in more than 30 years in New York trading after investor Nelson Peltz offered to buy the retailer for as much as $7.6 billion, spurring speculation other suitors will follow.
Family Dollar Stores Inc . rejected a hostile takeover offer from Nelson Peltz’s Trian Fund Management LP, saying it “substantially” undervalues its business, and adopted a defense to discourage unsolicited offers.
Family Dollar Stores Inc. , which billionaire investor Nelson Peltz offered to buy for $7.7 billion, is the most likely to fail among 2011 deals, according to traders who profit from mergers and acquisitions.