On January 30, 2025, Barington Capital Group, L.P. sent a letter to Matthews International shareholders, criticizing the company's recent 68-page investor presentation as 'meandering and misguided.' Barington asserted that Matthews has a longstanding culture of deceit and has failed to take action over the last 18 years to simplify its portfolio, conduct a strategic review, reduce costs or indebtedness, or address Board independence.
James Mitarotonda, Chairman and CEO of Barington Capital, stated that the company only began to take action after Barington notified Matthews of its intention to launch a proxy contest. He characterized these actions as a desperate attempt to maintain the status quo and further entrench the Board.
Barington urged shareholders to protect their investment by electing its nominees, Ana Amicarella, Chan Galbato, and James Mitarotonda, to the Board. The activist investor emphasized that 'facts don't lie' and that the election of its nominees is critical to unlock the company's full value potential.
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