Family Dollar Stores has announced its board of directors has voted unanimously against a sale to the Trian Group, instead voting for the continuing implementation of the company’s strategic plan.

The board felt both decisions were in the best interest of the shareholders. It also decided to adopt a shareholder rights plan, the purpose of which is to help the company’s shareholders to understand the long-term value of their investment, and to “reduce the likelihood that any person or group would gain control of the company by open market accumulation or otherwise without paying a control premium for all shares”.