Carl Icahn is not the only one to take profits on the Family Dollar (NYSE: FDO) and Dollar Tree (NASDAQ: DLTR) merger. Several sympathy stocks are in play, giving traders the opportunity to capitalize.

Stocks In Play

Dollar General

Dollar General (NYSE: DG) is the most obvious mover, with business models very similar to those of Family Dollar and Dollar Tree. Dollar General shares were last trading up 2.6 percent to $57.12.

Five Below

Five Below (NASDAQ: FIVE), which sells products under $5, is relatively quiet in Monday's trading. It is worth noting that Five Below targets a more middle class demographic.

Wal-Mart

Wal-Mart (NYSE: WMT) shares are down 0.08 percent. Wal-Mart and dollar stores are known rivals, battling for lower middle class market share. The slump in Wal-Mart’s value suggests investors may be anticipating the merger will shake Wal-Mart’s position.

Big Lots

Although Big Lots (NYSE: BIG) offerings span beyond that of a dollar store, the company targets a similar demographic, as is the case with Wal-Mart. Shares of Big Lots were last up 1.15 percent at $44.15.

Activist Investors

Carl Icahn had been pushing for a merger of the companies since filing a 13D (activist ownership) on June 6 for Family Dollar. His 10.7 million share stake netted him about $158 million from Friday’s close to the deal price, not to mention some appreciation to that point. Icahn is not the only major holder of the stock.

Nelson Peltz had the second-largest stake with 8.4 million shares, making him about $120 million on the deal. Peltz recently discussed his position in Family Dollar at the Delivering Alpha Conference, where he expressed he was not satisfied with Family Dollar’s management, but preferred to take a less public route than Icahn.

Family Dollar and Dollar Tree are, as expected, other big winners of the day. Shares of Family Dollar were last up 23 percent, while Dollar Tree shares have risen 2.9 percent in value.