Investor and former CEO of Family Dollar Carl Icahn has sold off his entire stake in the company, making a profit of about $200 million.
Icahn was a leader in pushing the struggling retailer to consider a sale back in June when he became the largest shareholder. And when Dollar Tree (NASDAQ:DLTR) agreed to buy Family Dollar (NYSE:FDO) for $8.5 billion, Icahn accused the company of making the wrong decision based on the interests of new CEO Howard Levine—who would retain his position after merger with Dollar Tree, reported Reuters.
Since the first purchase agreement, a bidding war has ensued. The most recent offer from rival Dollar General (NYSE:DG) includes $9.1 billion, $80 per share and an agreement to close 1,500 stores to alleviate antitrust concerns.
In July, Icahn's stake in the company dropped from 9.4 percent to 3.61 percent, reported Reuters.
It is not clear when exactly Icahn sold off his entire stake.
-See this Reuters article
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