Dollar Tree offers to explore settlement with activist Mantle Ridge -Breaking
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By Svea Herbst-Bayliss
BOSTON, (Reuters) – Dollar Tree (NASDAQ) stated on Sunday that it would explore a settlement to Mantle Ridge. It will also hand a seat to a former chief executives of a competitor retailer. The activist investor firm claimed the decision by Dollar Tree to take control of its board was “unwarrantedly aggressive.”
Dollar Tree reacts publicly to Mantle Ridge’s late Friday decision to name 11 directors, replace the whole board and pushes the company to hire Richard Dreiling (a former CEO). Dollar General Corp (NYSE:).
It stated that it approached the investment company (5.7%) with ideas on how to improve the board. The company was open to adding Dreiling as an additional board member, and perhaps as a consultant.
Dollar Tree also stated that Mantle Ridge could have had a voice in the selection of another member to their board.
Mantle Ridge did not respond to these suggestions. The company stated that it had never heard from Mantle Ridge before it received the letter recommending its slate for the replacement of the Board.
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