NPR – Family Dollar’s board of directors has unanimously rejected a takeover bid from a New York hedge fund. The offer from the Trian Fund had put the Charlotte-based company’s value at $6.99 billion.
The discount retailer’s stores have thrived during the U.S. economic slump, as consumers looked for cheaper prices. Over the past three years, Family Dollar’s stock price has risen by more than 150 percent. The publicly held company is led by the same family that opened the chain’s first store, in 1959.
