On February 3, 2025, Matthews International Corporation issued a letter to its shareholders, highlighting significant support from GAMCO Asset Management, one of its top five shareholders with an approximate 4.38% stake. GAMCO publicly endorsed Matthews' director nominees, stating they are best positioned to execute on surfacing underlying value.
Matthews reiterated its commitment to generating long-term value through its purpose-built strategy and experienced Board of Directors. The company criticized Barington's nominees for demonstrating a poor understanding of its businesses and for offering no new ideas that would improve operations.
The letter emphasized that Barington's claims about Matthews' business evolution were untrue and that its nominees lacked relevant technical understanding and had questionable M&A oversight track records. Matthews urged shareholders to vote the WHITE proxy card 'FOR' its highly qualified nominees.
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