Matthews settles with activist Barington Capital, ending proxy fight

Matthews International Corporation (NASDAQ: MATW) reached an agreement with activist investor Barington Capital to withdraw its director nominations, ending a potential proxy contest.

Under the settlement announced January 15, Barington will withdraw its previously submitted director nominations and abide by standstill provisions and other restrictions. The full agreement will be disclosed in a Form 8-K filing with the Securities and Exchange Commission.

"We are pleased to have reached a constructive resolution with Barington that is in the best interests of all shareholders," said Alvaro Garcia-Tunon, chairman of Matthews' board.

Matthews CEO Joseph Bartolacci stated the company has taken steps over the past 12 months to simplify its business mix, strengthen its balance sheet, and enhance board composition and corporate governance. He noted the engagement with Barington yielded insights that helped refine ongoing strategic initiatives.

James Mitarotonda, chairman and CEO of Barington, said the firm appreciates the dialogue and believes Matthews' continuing strategic review and corporate governance changes are important for achieving greater shareholder value.

Pittsburgh-based Matthews operates through Industrial Technologies and Memorialization segments, with over 5,400 employees across 19 countries. The company provides marking and industrial technologies as well as memorialization products including caskets and cremation equipment.

Barington Capital Group is a fundamental, value-oriented activist investment firm established in January 2000 that invests in undervalued publicly traded companies.

J.P. Morgan Securities served as financial advisor and Sidley Austin as legal counsel for Matthews. Olshan Frome Wolosky served as legal counsel to Barington.

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