Family Dollar in Obtaining Agreement by Trian to Withdraw Unsolicited $7.7 Billion Takeover Proposal

Cleary Gottlieb is representing Family Dollar Stores in its entry into an agreement pursuant to which Trian is withdrawing its unsolicited $7.7 billion takeover proposal and accepting standstill restrictions in exchange for Family Dollar’s agreement to have a designee of Trian serve on the board of directors for the next two fiscal years. Following the announcement of Trian’s unsolicited proposal earlier this year, Cleary Gottlieb has been advising the board of directors of Family Dollar on the adoption of a stockholder rights plan and its decision to reject Trian’s proposal.