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Icahn: Imperative that Family Dollar be sold immediately

Citing consistent underperformance of the store, activist investor Carl Icahn said in a letter to firm CEO Howard Levine on Thursday that "it is imperative that Family Dollar be put up for sale immediately."

Icahn also said that "an overwhelming majority of the company's shareholders would be in favor of a sale," and that three of his representatives "should be added to company's board of directors immediately."

A Family Dollar Stores store location in Mansfield, Texas.
Ben Torres| Bloomberg via Getty Images | Getty Images
A Family Dollar Stores store location in Mansfield, Texas.

The letter comes after a conversation between Icahn and Levine the evening before.

Read MoreCramer hates this stock—Icahn loves it

Family Dollar shares were up about 3 percent in after-hours trading.

—By CNBC.com

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