Family Dollar Rejects Peltz's $7B Unsolicited Bid

Law360, New York (March 3, 2011, 12:35 PM EST) -- North Carolina-based Family Dollar Stores Inc. on Thursday rebuffed an unsolicited bid from its largest shareholder, investor Nelson W. Peltz and his Trian Group hedge funds, saying that the approximately $7 billion cash offer “substantially undervalues” the company.

In a statement, Family Dollar Chairman and CEO Howard Levine said that the company plans to move forward with a strategic plan announced in September to accelerate revenue growth, expand operating margins and improve its capital structure.

Given the success of that plan so far — including an...
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