Activist Fund Retains Only 0.1% Stake in U.S. Discount Chain

According to a recent filing by Dollar Tree, Inc. (DLTR), activist investor Mantle Ridge LP, its affiliate MR Cobalt Advisor, and Paul C. Hilal have dramatically reduced their holdings and no longer qualify as 5% shareholders, leaving them with only about 0.1% economic exposure. They distributed approximately 10.47 million shares in kind to Mantle Ridge limited partners, sold roughly 2.23 million shares on the open market at $111.31 per share for investors opting for cash, and terminated derivative forward contracts covering about 10.60 million additional shares. The filing notes that while Hilal will remain on the board, no new activist campaign or change-of-control plan was specified.

Dollar Tree also disclosed in its SEC report the governance changes and voting results following its June 16 annual shareholder meeting, including a reduction in board size. In late May, the company reported its fiscal 2026 first-quarter results and raised its full-year profit outlook, stating that adjusted earnings per share grew significantly thanks to strong demand for essential consumer goods and ongoing cost-reduction efforts.

Operating under the “Dollar Tree” banner in the U.S. and Canada, Dollar Tree is a leading discount retailer of low-priced general merchandise and household items. It has moved beyond its single-price model to adopt a multi-price strategy while expanding its store base. In response to heightened low-price retail competition amid persistent inflation, the company sold its Family Dollar chain to a private-equity firm in 2025 and plans to open 325 net new stores in 2026 alone as part of its portfolio realignment.