Activist investment firm Mantle Ridge wants to overhaul Dollar Tree's board and would like the company to hire the former chief executive of rival Dollar General Corp as it pushes for a review of the retailer's business strategy.
Mantle Ridge, which owns a $1.8 billion stake in the retailer, has nominated 11 people, including its founder Paul Hilal, to Dollar Tree's 11-member board, according to a regulatory filing made late on Friday. The entire board is up for re-election at next year's annual meeting.Register now for FREE unlimited access to reuters.
While Mantle Ridge said it wants to continue talking with Dollar Tree, it was forced to nominate directors now because its discussions likely will not be completed before the four week-long window to nominate directors closes later this month.Mantle Ridge has an economic interest of 9.85% in the company, including 5.7% of common stock and 4.19% in cash-settled derivatives.
Dollar Tree traditionally sold items for one dollar but said last month that it would raise prices of most goods to $1.25 by the end of April in the wake of spiraling freight costs and other pandemic-driven challenges.The retailer faced off against another activist investment firm in 2019 when Starboard Value urged the retailer to consider raising its prices.
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