Dollar store deal nets Icahn $149M in 2 months
With so much at stake, it's no wonder the activist investor was pushing for Family Dollar to be bought out.
The rich get richer, as activist investor Carl Icahn (pictured) made at least $149 million in less than two months from his investment in discount retailer Family Dollar (FDO).
Late on June 6, Icahn disclosed in a tweet that he owned a stake of more than 9 percent in Family Dollar shares. At the June 6 closing price of $60.53, the 10,691,011 shares that Icahn owned were worth $647.1 million.
It wasn't a smooth ride higher for Family Dollar's stock, however. After jumping 13 percent on June 9 after Icahn's stake was disclosed, the stock dropped 12 percent to close Friday at $60.66.
With so much at stake, it's no wonder Icahn was pushing for Family Dollar to be bought out.
Family Dollar shares rose 22 percent to $74.46 in Monday trading, while Dollar Tree's shares climbed 3.5 percent to $56.09. At Friday's closing prices, the shares were down 6.6 percent and 3.9 percent, respectively, year to date.
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