The battle of billionaire investors to control the fate of Family Dollar Stores Inc. raged for more than three years. But when the dust settled, Cleary Gottlieb Steen & Hamilton M&A partner Ethan Klingsberg had helped the company fend off a hostile takeover from a deep-pocketed suitor.
As early as 2011, hedge fund investors had clamored for Family Dollar’s quick sale after the company rejected a takeover bid by Trian Fund Management. Family Dollar went on to adopt two poison pills that blocked any single investor from owning more than 10 percent of its stock before accepting a $74.50-per-share bid from rival Dollar Tree Stores, represented by Wachtell, Lipton, Rosen & Katz, on July 28. No sooner was the agreement announced, however, than investor Carl Icahn and others complained that it wasn’t good enough.
