Nominations Follow Years of Stock Price Underperformance, Unacceptable Capital Allocation, Poor Execution, and Excessive Spending at Matthews

Believes Director Candidates Have the Skills, Experience, and Commitment to Shareholders Required to Enhance Long-Term Value

Calls for a New, Credible CEO and a Refreshed, Declassified Board Committed to Holding Management Accountable

NEW YORK , Dec. 19, 2024 /PRNewswire/ — Barington Capital Group, L.P. (“Barington Capital”) and certain of its affiliates (collectively “Barington” or “we”), a fundamental, value-oriented activist investor that beneficially owns approximately 2% of the outstanding common stock of Matthews International Corporation (NASDAQ: MATW) (“Matthews” or the “Company”), today announced that it has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with its nomination of Ana B.

After years of observing stock price underperformance, unacceptable capital allocation, poor execution, and excessive spending at Matthews International Corporation, Barington Capital Group, L.P has decided to take action. The activist investor believes that the current board and management have failed to create long-term value for shareholders and are in need of a significant change.

Barington is pushing for the nomination of new director candidates who they believe have the necessary skills, experience, and commitment to enhance the company’s long-term value. Additionally, they are calling for the appointment of a new, credible CEO and a refreshed, declassified board that will be committed to holding management accountable for their actions.

The decision to file a preliminary proxy statement with the U.S. Securities and Exchange Commission demonstrates Barington’s strong belief in the need for change at Matthews International Corporation. The activist investor is determined to see improvements in the company’s performance and is willing to take the necessary steps to make it happen.

How This Will Affect Me

As a shareholder of Matthews International Corporation, this potential shakeup could have a direct impact on my investment. If Barington’s nominees are elected to the board and changes are made to the company’s leadership, it could potentially lead to an increase in stock price and long-term value creation.

How This Will Affect the World

The actions taken by Barington Capital Group, L.P. at Matthews International Corporation could set a precedent for activist investors in other companies. If successful, this campaign could encourage other shareholders to take a more active role in holding boards and management accountable for their performance, ultimately leading to improved corporate governance practices across the business world.

Conclusion

In conclusion, Barington Capital’s nominations at Matthews International Corporation signify a push for change in response to years of underperformance and poor execution. The activist investor is committed to enhancing long-term value for shareholders and holding management accountable for their actions. The outcome of this campaign could have significant implications for both individual investors and the broader corporate landscape.