Mathews backs its CEO in face of activist investor pressure; shares up

Matthews International

10/12/2024 19:42

** Shares of memorialization products and industrial
technologies provider Matthews International  MATW.O  up 3.7% at
$30.98 
    ** Activist investor Barington Capital Group pushes for CEO,
board changes at Matthews, in a letter to Alvaro Garcia-Tunon,
the MATW chairman 
    ** Co says it remains open to constructive dialogue with
Barington 
    ** Co affirms board and management's focus on driving
long-term value creation
    ** "Rather than engage in a private dialogue with our Board
and potentially exploring a constructive path forward, Barington
has decided to wage a costly and disruptive proxy contest,"
Matthews adds
    **  Up to last close, shares down ~18% YTD
   

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.Chaudhary@thomsonreuters.com))