Family Dollar CEO Howard Levine is selling 1 million to 2 million shares of his stake of the company, according to securities filings from the company Wednesday.
Levine will divest the shares over the next 10 days starting Thursday, the filings showed. He currently owns about 7.8 percent of the company’s outstanding stock and is the largest individual shareholder.
Restrictions on his sale of the stock were lifted following a shareholder vote last week to sell the company to Virginia-based rival Dollar Tree for $8.5 billion, which rejected a hostile $9.1 billion bid from Dollar General.
Family Dollar’s stock opened Thursday at $76.31 a share, so the sale could be worth $76.3 to $152.6 million.
As a part of its 2006 incentive plan, the company also granted 1,179 shares, worth about $90,000, to each of its 11 board members, filings showed.