Family Dollar Stores has turned down Nelson Peltz’s $7.8 billion bid for the company, The Wall Street Journal reports. Peltz’s Trian Group made an offer for the U.S. discount chain operator after acquiring a 7.9% stake in the retailer, adds New York Times.
The North Carolina-based company has instead set up a shareholder-rights plan that will dilute any effort to take control of 10% or more of its stock. Morgan Stanley has been appointed as a financial adviser by Family Dollar.
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