Starboard Value Drops Proxy Fight With Dollar Tree

(RTTNews) - Dollar Tree, Inc. (DLTR) announced that it is welcoming Starboard Value's announcement regarding decision to withdraw its slate of nominees for election to the company's board.

Earlier in the year, after acquiring an ownership interest of approximately 1.7% in the retailer, Starboard urged Dollar Tree to explore all strategic alternatives for Family Dollar, including an outright sale of the business. Then, Starboard also nominated a slate of directors to Dollar Tree's Board.

In response to Starboard Value's decision to withdraw its slate of nominees at the 2019 Annual Meeting of Shareholders, Dollar Tree, stated, "We welcome Starboard's announcement and appreciate the constructive engagement and dialogue we continue to have with them and our other shareholders. Dollar Tree's Board and management team are committed to pursuing our announced plan to improve Family Dollar performance and to testing other ways to help deliver sustainable value-creation for shareholders while providing the best possible experience and value for our customers."

DLTR closed Friday's regular trading session at $105.99.