Consumer Biz Cheat Sheet: Peltz Backs Off Family Dollar, AutoZone Approves $750M Buyback
Hot Feature: CEOs have the Blues About Business Prospects
AutoZone’s (AZ) board of directors has approved an additional $750 million stock buyback, on top of its existing share buyback program.
Nelson Peltz has agreed not attempt to buy Family Dollar (NYSE:FDO) via a hostile offer. In return, FDO has agreed to expand its board and add a representative of Peltz’s Trian hedge fund, while Trian will cap its ownership of FDO stock below 10%.