Carl Icahn isn't the first activist investor to want to turn things around at Family Dollar Stores. Icahn may now be the biggest shareholder in the discount chain, but Nelson Peltz's Trian Fund is the second largest and John Paulson of Paulson & Co. is the fourth largest shareholder. David Nelson, Chief Strategist at Belpointe Asset Management believes the three big players will work together to take the company private. Nelson doesn't believe they have anything to gain to fight over the company. For its part, Nelson says Family Dollar may not want any of the activist investors involved and could invoke a poison pill.

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