BUSINESS

Jun 19, 2014 6:49 PM by ASSOCIATED PRESS

Icahn tells Family Dollar it must sell itself now

Activist investor Carl Icahn is urging discount retailer Family Dollar Stores Inc. to put itself up for sale immediately as its performance weakens and it faces mounting competition.

He is also urging that three of his representatives be added to Family Dollar's board. He made the case in a letter Thursday to Family Dollar's CEO Howard Levine published in a regulatory filing.

Earlier this month, Icahn disclosed he held a 9.4 percent stake in Family Dollar. In response, Family Dollar adopted a shareholder rights plan, or so-called "poison pill."

Through the close of regular-session trading Thursday, the Matthews, North Carolina, company's stock has gained 12.6 percent since Icahn's stake was first disclosed on June 6. It added another 2.6 percent in after-market trading Thursday.

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