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Pershing Square Ups Family Dollar Stake

Pershing Square Capital Management has acquired about 5 million shares in Family Dollar Stores to become its largest shareholder.

Pershing Square Capital Management has acquired about 5 million shares in Family Dollar Stores to become its largest shareholder, The Wall Street Journal reports. The firm now owns 10.9 million shares or an 8.9% stake in the discount retailer.

Previously, Trian Fund Management was the largest shareholder with about a 6.5% stake. Family Dollar has set up a shareholder rights plan to stop any investor from buying 10% or more of the company without permission from its board of directors.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.

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