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Family Dollar adopts poison pill after Icahn raises stakes
Activist investor Carl Icahn on Friday reported a 9.4% stake in Family Dollar, making him the company’s largest shareholder and prompting concerns of a hostile takeover.
Family Dollar has responded by adopting a one-year shareholder rights plan with a 10% trigger that would prevent any investor from gaining a controlling interest of the company without board approval.
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Sales, margins hit Sears Hometown Q1 net income
Hoffman Estates, Ill. — Sears Hometown and Outlet Stores Inc. had a difficult first quarter of fiscal 2014, reporting a substantial decline in net income as well as drops in net sales and same-store sales. Net income declined 75% to $3.7 million from $15 million.