Family Dollar Investor Drops Bid In Return For Board Spot

Law360, New York (September 29, 2011, 1:33 PM EDT) -- North Carolina-based Family Dollar Stores Inc.'s largest shareholder dropped his unsolicited $7 billion bid for the company Thursday after the retailer agreed to add his business partner to its board of directors.

In a regulatory filing with the U.S. Securities and Exchange Commission, the company announced that Nelson W. Peltz and his Trian Group hedge funds would limit their ownership stake in the company to no more than 9.9 percent, while Trian Vice Chairman Edward P. Garden would become the 11th member of Family Dollar's board....
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