When Dollar Tree Inc. (NASDAQ: DLTR) announced that it would acquire competitor Family Dollar Stores Inc. (NYSE: FDO) for a cool $8.5 billion, there was no word from activist investor Carl Icahn, who owns more than 9% of Family Dollar’s stock. Icahn finally issued a press release in the noon hour saying he was pleased but that he thinks there is a better offer out there.

Here is what he said:

While we continue to believe there are a handful of potential buyers who could realize greater synergies through a combination with Family Dollar and are hopeful that one or more of them will surface as a result of today’s announcement, we are extremely pleased with Dollar Tree’s intention to acquire Family Dollar in a transaction that values the company at $74.50 per share. This is a big win for all shareholders of Family Dollar and yet another validation of the activist investment philosophy in general.

Icahn also points out that since his purchase of Family Dollar stock was announced, the shares have risen nearly 24%.

While Icahn is pleased, he did not say that he plans to vote in favor of the transaction. If any of the other potential buyers surfaces with a higher bid, he’ll be on that in a heartbeat.

Family Dollar’s shares rose as high as $76.82 Monday, more than $2 above the Dollar Tree bid of $74.50 a share, and traded in the early afternoon at $75.52. Icahn may not be the only one looking for a higher bid.

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