BARINGTON CAPITAL GROUP CALLS FOR CHANGES AT BILL HOLDINGS, INC. TO IMPROVE LONG-TERM SHAREHOLDER VALUE

Rhea-AI Summary

Barington Capital Group on Dec. 4, 2025 urged the board of BILL Holdings (NYSE: BILL) to implement a comprehensive cost reduction plan and to explore all strategic alternatives, including a potential sale, merger, or business combination. Barington cites BILL's slowing monetization, inability to deliver operating profitability, intensifying competition, and prolonged share-price underperformance as reasons for the push. The investor says BILL remains well positioned in the B2B financial automation sector and recommends the board engage a financial advisor and form a special committee of independent directors to evaluate options. Barington describes BILL as an attractive acquisition candidate for strategic and financial buyers and made its full letter publicly available on Dec. 4, 2025.

Positive

• Investor calls for a strategic review could unlock transaction value
• Barington describes BILL as well positioned in B2B financial automation

Negative

• Slowing monetization cited as a fundamental weakness
• Inability to deliver operating profitability highlighted
• Prolonged share-price underperformance noted
• Intensifying industry competition flagged

Insights

Corporate Activism Analyst

Barington urges cost cuts and a strategic-review process, signaling activist pressure that could force material strategic choices at BILL.

Barington asks the board to implement a comprehensive cost reduction plan and to form a special committee and hire a financial adviser to explore all strategic alternatives, including sale or merger. This is a direct governance push that targets operating discipline and a potential change of ownership to address the company's stated slowing monetization and lack of operating profitability.

The outcome depends on the board’s receptivity, the composition and independence of any special committee, and the terms a financial adviser might surface. Activist demands can accelerate strategic processes but also create short-term disruption to management and public perception. Watch for a board response, formation of a special committee, retention of an adviser, and any announced cost-reduction measures or sale process initiation over the next several months beginning December 4, 2025.

Recommends the Company Implement a Comprehensive Cost Reduction Plan and Explore All Strategic Alternatives, Including a Potential Sale, Merger or other Business Combination

NEW YORK, Dec. 4, 2025 /PRNewswire/ -- Barington Capital Group, L.P., a shareholder of BILL Holdings, Inc. (NYSE: BILL) ("BILL" or the "Company"), announced today that it has sent a letter to Allie Kline, the Lead Independent Director of BILL, urging the Company to reduce operating costs and calling on the Board to explore all strategic alternatives in light of BILL's slowing fundamentals, inability to deliver operating profitability and prolonged share price underperformance.

Barington believes BILL is well positioned in the growing B2B financial automation sector.  However, the Company's slowing monetization trends coupled with intensifying industry competition have caused the market to question whether the Company can remain a long-term, independent leader. Barington therefore urges the Board to ensure that management operates the business with greater cost discipline, so that BILL can better leverage its revenue growth into increased profitability and stronger cash flows.

In addition, given strong private market valuations of companies with business models and growth profiles similar to the Company and the public market's unwillingness to assign a fair valuation to BILL's technology leadership and large transaction network, Barington urges the Board to engage a financial advisor and form a special committee of independent directors to explore all strategic alternatives for the Company, including a potential sale, merger or other business combination. Barington believes BILL would be an extremely attractive acquisition candidate for both strategic and financial buyers.

The full text of Barington's letter to Ms. Kline is available at https://barington.com/bill 

About Barington Capital Group, L.P.

Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm established by James Mitarotonda in January 2000.  Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value when substantive improvements are made to their operations, corporate strategy, capital allocation and corporate governance.  Barington's investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value.

View original content:https://www.prnewswire.com/news-releases/barington-capital-group-calls-for-changes-at-bill-holdings-inc-to-improve-long-term-shareholder-value-302632600.html

SOURCE Barington Capital Group, L.P.

FAQ

What did Barington announce about BILL (NYSE: BILL) on Dec. 4, 2025?

Barington urged BILL to cut operating costs and explore all strategic alternatives, including sale or merger.

Does Barington recommend a sale of BILL (NYSE: BILL)?

Barington urged the board to consider a potential sale, merger, or other business combination as one of the alternatives.

What operational actions did Barington request from BILL management?

Barington recommended a comprehensive cost reduction plan and greater cost discipline to improve profitability and cash flow.

What governance steps did Barington ask BILL to take after Dec. 4, 2025?

Barington urged the board to engage a financial advisor and form a special committee of independent directors to evaluate options.

How did Barington characterize BILL's competitive position?

Barington said BILL is well positioned in the growing B2B financial automation sector but faces intensifying competition.