Family Dollar Stores Inc. has named Edward Garden, one of the founding members of Trian Partners, to its board, Reuters reported. Billionaire investor Nelson Peltz’s Trian Partners owns about 8.29% of the company’s stock. Family Dollar is listed, and based in Charlotte, N.C.
(Reuters) – Discount chain Family Dollar Stores Inc appointed Edward Garden, one of the founding members of billionaire investor Nelson Peltz’s Trian Partners, to its board of directors.
Trian Group, which owns about 8.29 percent of the company’s stock, had made a $55-$60 per share offer for the dollar chain, but Family Dollar rebuffed the bid saying it “substantially” undervalued the company.
The addition of Garden, who is the chief investment officer of Trian Partners, will expand Family Dollar’s board to eleven directors.
Shares of the Charlotte, North Carolina-based company were down nearly 2 percent at $52.50 in trading before the bell. They closed at $53.31 on Wednesday on the New York Stock Exchange. (Reporting by Meenakshi Iyer in Bangalore; Editing by Viraj Nair)