* Trian Management sells about 6 mln shares
* Fund gives no reason for cut (Adds details, background)
Jan 27 (Reuters) - Investor Nelson Peltz's Trian Fund Management LP slashed its stake in Family Dollar Stores Inc by more than two-thirds to 2.07 percent, days after the company's shareholders agreed to Dollar Tree Inc's $8.5 billion buyout offer.
Trian Management sold about 6 million shares of Family Dollar for a total of about $456.5 million, it said in a regulatory filing. (1.usa.gov/1EolGvx)
The hedge fund was Family Dollar's second-largest shareholder before the sale with nearly 8.4 million shares, according to a Jan. 22 filing.
Trian bought the bulk of its shares in 2010 for around $36 each, SEC filings show. Family Dollar shares have more than doubled in price since then.
However, the fund has bought and sold parcels of shares in recent years, making it hard to calculate its profit on the holding.
Trian Chief Investment Officer Edward Garden has been a member of Family Dollar's board since 2011, after Peltz withdrew an offer to buy the discount retailer.
Garden also served on a committee of four directors that oversaw Family Dollar's review of strategic alternatives including the Dollar Tree deal.
Family Dollar's shareholders approved Dollar Tree's cash-and-stock offer last week, scuppering a higher hostile offer from larger rival Dollar General Corp .
The fund supported the Dollar Tree deal, unlike other activist investors such as Elliot Management Corp who said the Dollar General bid was "superior" and Carl Icahn who had pushed Family Dollar to sell itself to Dollar General.
Trian did not provide a reason for the sale of its stake.
Activist investor Icahn, who once was Family Dollar's largest shareholder, sold his entire stake last September, indicating he did not expect a higher bid for the company.
Family Dollar shares little changed at $76.40 on the New York Stock Exchange on Tuesday. (Reporting By Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty and Joyjeet Das)