Activist investor Carl Icahn has sold his stake in discount store chain Family Dollar, raking in $200 million in the process, according to Reuters, citing sources familiar with the matter.
His sale comes after successfully pushing Family Dollar’s management to put the company up for sale – a move that created a bidding war.
In July, rival Dollar Tree offered to pay $8.5 billion for Family Dollar, excluding debt, which the company had accepted at the time. But then Dollar General put in a competing bid of $9 billion, which the company rejected citing antitrust concerns. On Tuesday, Dollar General upped its bid to $9.1 billion, according to The Wall Street Journal, and is awaiting a response.
In June, Icahn became Family Dollar’s largest shareholder by taking 9.4% stake in the company. He immediately started agitating for change at the company, including attacking CEO Howard Levine.
But then Icahn quickly started selling off the shares. In July, he said he reduced his ownership to 3.61%. Now, he no longer owns any shares.
It’s unknown when the billionaire investor sold his remaining stake. Reuters suggested that the sale may have meant Icahn didn’t expect Dollar General to bid for the company and perhaps sold too soon.