Trian Fund Management, the fund run by activist US investor Nelson Peltz, has made an unsolicited takeover offer for Family Dollar Stores, the US retailer has confirmed.
The investment vehicle has offered to acquire Family Dollar for US$55 to $60 per share, a bid that values the discount retailer at around $7bn. Trian, which bought its first stake in the discounter last July, currently owns about 8% of Family Dollar.
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“Family Dollar’s board of directors, in consultation with its financial and legal advisors, will review the proposal in due course,” the retailer said.
Shares in Family Dollar, which runs more than 6,800 stores in 44 states, rose sharply on the news, increasing 25.6% to US$55.25 at 14:30 GMT today (16 February).
