Mantle Ridge is considering setting up a special purpose vehicle to build a stake in Dollar Tree, though the activist’s intentions remain unclear, according to a Bloomberg report.

The activist is thought to be in discussions with sovereign wealth funds and family offices over joining together in a special purpose vehicle, people familiar with the situation told the news outlet.

Mantle Ridge is yet to make a decision on whether to invest or not, while the activist’s aims for the company also remain unclear.

The activist has so far targeted two companies – CSX and Aramark – since founder Paul Hilal left Pershing Square Capital Management. Both of its campaigns have been through special purpose vehicles.

News of Mantle Ridge’s interest in Dollar Tree comes less than five months after Activist Insight Vulnerability identified the company as a possible target to activists. In the September report, Dollar Tree was described as a company with “weak valuation relative to peers, weak revenue growth, poor margins, and high shareholder opposition against two directors,” adding that an activist could repeat calls for divestments at the retailer, as Starboard Value did in 2019, before withdrawing its proxy fight.