Last month, Train Group presented Family Dollar with an unsolicited proposal to buy the company for $55 to $60 a share.
In a unanimous vote, Family Dollar’s board turned down the offer, saying it substantially undervalues the company and is not in the best interest of its shareholders.
Family Dollar began in Charlotte with one store in 1959. The Fortune 500 company operates more than 6,800 stores in 44 states.
Train, based at 280 Park Ave., was founded by CEO Nelson Peltz, President Peter May and Vice Chairman Ed Garden in November 2005.