Facts Don't Lie: Barington Capital Sends Letter to Matthews International Shareholders Debunking the Company's False Narratives and Reinforcing its Case for Change
Rhea-AI Summary
Barington Capital, owning 1.9% of Matthews International (NASDAQ: MATW), has sent a letter to shareholders criticizing the company's recent 68-page investor presentation and management's approach. The activist investor highlights what it describes as Matthews' 'longstanding culture of deceit' and argues that the status quo is unsustainable.
Barington claims Matthews has failed over the past 18 years to take meaningful action in simplifying its portfolio, conducting strategic reviews, reducing costs and debt, or addressing Board independence. The investor group is pushing for the election of Ana Amicarella, Chan Galbato and James Mitarotonda to Matthews' Board of Directors, arguing these changes are important for unlocking the company's full value potential.
Positive
- None.
Negative
- 18 years of alleged inaction on portfolio simplification
- Failure to conduct strategic reviews
- No meaningful cost reduction initiatives
- High indebtedness issues
- Board independence concerns
News Market Reaction – MATW
In the trading session that priced this news, MATW gained 2.93%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Highlights Matthews' Longstanding Culture of Deceit Most Recently Evidenced by its Meandering and Misguided 68-page Presentation
Believes Matthews' Status Quo is Untenable and the Election of Ana Amicarella, Chan Galbato and James Mitarotonda is Required to Drive Much-Needed Change and Long-Term Value Creation
Urges Shareholders to Vote the GOLD Proxy Card "FOR" the Election of ALL of Barington Capital's Nominees
The letter also details what Matthews shareholders stand to endure if the Company maintains the status quo and why Barington believes the election of Ana Amicarella, Chan Galbato and James Mitarotonda to the Matthews Board of Directors (the "Board") is critical to unlock the Company's full value potential.
The full letter is available at https://barington.com/matthews
James Mitarotonda, Chairman and CEO of Barington Capital, said, "We believe shareholders deserve to know the facts about Matthews' performance and leadership as well as the rationale for Barington's campaign for change. Simply put, the Company has failed to take any action over the last 18 years to simplify its portfolio, conduct a strategic review, reduce costs or indebtedness, or address Board independence. We find it deeply troubling that the Company would seek to obfuscate these facts rather than take accountability.
"Only after Barington notified Matthews of its intention to launch a proxy contest did the Company seemingly begin to take action, which we believe to be a desperate attempt to maintain the status quo and further entrench the Board. Facts don't lie. We encourage all shareholders to protect their investment in Matthews by electing Ana Amicarella, Chan Galbato and James Mitarotonda to the Board by voting the GOLD proxy card today."
FACTS DON'T LIE. FOLLOW THE FACTS AND VOTE GOLD TODAY!
For additional information regarding Barington's campaign at Matthews, visit: https://barington.com/matthews
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.
Media Contact:
Jonathan Gasthalter/Amanda Shpiner
Gasthalter & Co.
212-257-4170
Important Information and Participants in the Solicitation
Barington has filed a definitive proxy statement and associated GOLD proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the upcoming annual meeting of stockholders of the Company. Details regarding the Barington nominees and the participants in its solicitation are included in its proxy statement and Barington strongly advises all shareholders of the company to read the proxy statement and other proxy materials as they contain important information.
The participants in Barington's proxy solicitation are Barington, Barington Companies Investors, LLC, Barington Capital Group, L.P., LNA Capital Corp., James Mitarotonda, 1 NBL EH, LLC, Joseph Gromek, Ana B. Amicarella and Chan W. Galbato.
If you have any questions, require assistance in voting your GOLD universal proxy card, or need additional copies of Barington's proxy materials, please contact:
Okapi Partners
1212 Avenue of the
Banks and Brokerage Firms, Please Call: (212) 297-0720
Shareholders and All Others Call Toll-Free: (877) 285-5990
E-mail: info@okapipartners.com
View original content:SOURCE Barington Capital Group, L.P.