Billionaire activist-investor Carl Icahn raked in $200 million by selling his last stake in discount-store chain Family Dollar, says Reuters, citing sources familiar with the matter.
The sale came in the midst of a bidding war for the company; Dollar Tree Inc. and Dollar General Corp. have offered $8.5 billion and $9.1 billion, respectively, according to reports.
Icahn was been vocal in his criticism of Family Dollar chief executive Howard Levine, who would have kept his position in an acquisition by Dollar Tree.
“This is a quintessential example and a reflection of what is wrong with corporate America,” Icahn told Reuters last month, encouraging the sale to Dollar General.
Icahn also highlighted the company’s weak showing at a regulatory filing in June, citing the company’s underperformance against both rival companies and the S&P 500 index over the past year and three-year periods.
Though it is unknown when Icahn sold his remaining stake, he had already reduced his shareholding position in the company from 9.4% in June to 3.61% at the end of July.
Reuters speculates that Icahn’s decision means he does not expect a substantial increase in Family Dollar’s share price following the bidding melee.