Icahn Cashes Out At Family Dollar Ahead Of Acquisition

Activist investor

further cut his stake in

Wednesday to below five percent according to regulatory filings. The company agreed Monday to be acquired by

for $8.5 billion, or $74.50 a share. It's been widely speculated that

may seek to top Dollar Tree's bid, although perhaps Icahn doesn't think so. "Better returns can be achieved by deploying capital elsewhere rather than waiting the transaction to close or for the possibility of a higher offer," Icahn said in one of two separate filings with the Securities and Exchange Commission. Icahn sold a 3.61 percent stake in Family Dollar on Wednesday, following sales Monday and Tuesday of a 4.82 percent stake. Icahn, who only recently disclosed a 9.4 percent stake in Family Dollar, was instrumental in the merger and obtained prices this week ranging from $75.15 to $75.95 a share. Icahn paid a reported average of $58.20 for the shares, which were acquired beginning in April. Family Dollar closed Wednesday at $75.15, up nearly one percent.