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Lowe's Activist Believes Stock Value Could Triple

  • Retailer adding three to board after pressure from D.E. Shaw
  • Activist investor says it welcomes ‘collaborative approach’
A customer shops for paint at a Lowe's Cos. store in New York, U.S., on Monday, Nov. 19, 2012. 

Photographer: Scott Eells/Bloomberg

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The activist investor targeting Lowe’s Cos. believes the home improvement retailer’s stock could triple in value if it makes changes to match up to rival Home Depot Inc., according to people familiar with the matter. 

Lowe’s said Friday it would add three new directors to its board after D.E. Shaw & Co. took an active stake in the company. The investor’s stake is worth about $1 billion, the people said, asking not to be identified as the details aren’t public.