Carl Icahn has cut his stake in discount retailer Family Dollar Stores to 6.03 percent as of Tuesday from a previously reported stake of around 9.39 percent, according to a Securities and Exchange Commission filing.
In the filing, Ichan said he was cutting his stake rather than waiting for the chain's deal with Dollar Tree to close or for a higher bid from another business.
He said the decision to dispose the shares came after "concluding that better returns can be achieved by deploying capital elsewhere."
On Monday, rival discounter Dollar Tree said it plans to acquire Family Dollar for $8.5 billion, a move that would make it the biggest player in the dollar store space.
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