CHESAPEAKE, Va. (AP) -- Discounter Dollar Tree Inc. said Tuesday that its board approved a two-for-one stock split.
The split will take place in the form of a 100 percent common stock dividend, with the new shares distributed on June 26 to shareholders of record as of June 12, Dollar Tree said.
The Chesapeake, Va.-based company said the split will lower its share price and make the stock more attractive to investors, potentially broadening the company's shareholder base. After the split, the company will have about 232 million outstanding shares.
Dollar Tree shares have posted steady gains over the past few years, rising about 82 percent since the start of 2011 and more than tripling since the beginning of 2010. They reached an all-time high of $104.08 in early May.
Dollar Tree shares rose 43 cents to $102.63 in morning trading Tuesday.
