New York, NY, United States (4E) – Billionaire Carl Icahn has increased the pressure against discount retailer Family Dollars Stores to put itself up for sale.
The activist investor tweeted on Thursday disclosing that his filing to the Securities and Exchange Commission stated that he sent a letter to Family Dollar CEO Howard Levine, urging him that it is imperative that his latest target be put up for sale immediately.
Earlier this month, Mr. Icahn said that he increased his stake in the discount retailer to 9.4 percent and planned to enter discussions with management. The Matthews, North Carolina-based Family Dollar responded by introducing a poison pill that kept investors from amassing a stake that is over 10 percent of the company.
In 2011, an attempt by Nelson Peltz’s Trian Fund Management LP to take over the company was also squashed by Mr. Levine, who was not willing to sell the company his father founded.
Family Dollar operates in 46 states through its 8,100 general merchandise retail discount stores, which sell apparel, electronics, clothing, and other products, generally at prices between $1 and $10.