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August 12, 2014
07:36 EDTDG, FDO, DLTRDollar Tree filing shows Family Dollar talks underway before Icahn involvement
A regulatory filing explaining the history of the merger agreement between Dollar Tree (DLTR) and Family Dollar (FDO) showed that, on February 24, a representative of Dollar Tree's financial advisor, JPMorgan, made a telephone call to a representative of Morgan Stanley to express Dollar Tree's interest in discussing a potential business combination transaction with Family Dollar. The filing also states that on June 6 Carl Icahn and certain of his affiliates filed a Schedule 13D disclosing that together they beneficially owned approximately 9.39% of the then-outstanding shares of Family Dollar common stock and that they wished to discuss with Family Dollar its business and strategies to enhance stockholder value. That day, Icahn telephoned Howard Levine, Chairman and CEO of Family Dollar, to discuss the Schedule 13D filing and to express an interest in additional communications with Family Dollar's management regarding the company's current operations and future plans, including potential strategic opportunities and potential business combination transactions. Levine asked Icahn whether he would be willing to sign a non-disclosure agreement and Icahn declined, the filing stated. Additionally on June 6, a member of the board of directors of "Company A" emailed Levine to suggest that they speak. On June 7, Levine and the member of the board of directors of Company A had a telephone conversation, during which the representative of Company A "indicated that Company A would be reluctant to participate in the negotiation of a transaction with Family Dollar if Mr. Icahn were to have a role in or control over the process," the filing states, without identifying Company A. Many, including the Wall Street Journal, have surmised that "Company A" in the filing may refer to Dollar General (DG).
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