MATTHEWS, N.C. — Family Dollar Stores Inc. has rejected a buyout offer from investor Nelson Peltz’s Trian Fund and adopted a “poison pill” to deflect further unsolicited offers.

Family Dollar Stores Inc. has rejected a buyout offer from investor Nelson Peltz’s Trian Fund and adopted a “poison pill” to deflect further unsolicited offers.

The retailer’s board of directors voted unanimously to reject the Trian offer, announced last month, to acquire the chain for a price of $55 to $60 per share in cash. The bid represented a premium of at least 25% to the $43.96 closing price for Family Dollar shares on February 14.

"Family Dollar is executing effectively on its business plan and has a proven record of delivering superior results for shareholders," said Family Dollar chairman and chief executive officer Howard Levine in a statement. "We continue to believe that our efforts to serve our customers better while improving our operational capabilities and returning excess capital to shareholders will deliver strong financial returns in fiscal 2011 and beyond."

The board adopted a shareholder rights plan as a defense against further unsolicited bids. The plan, which has a term of 12 months, has a 10% beneficial ownership threshold and will greatly increase the cost of buying the company.