PITTSBURGH — Matthews International Corp. has reached a deal with activist shareholder Barington Capital, avoiding a second consecutive proxy battle at this year’s annual meeting.
The Pittsburgh-based manufacturer announced the deal that will lead to Barington Capital withdrawing its two director nominees for four open spots on the Matthews board. Specific details of the agreement weren’t immediately disclosed but would be in a U.S. Securities and Exchange Commission filing, Matthews said after the stock market close Thursday.
“We are pleased to have reached a constructive resolution with Barington that is in the best interests of all shareholders,” said Matthews Chairman Alvaro Garcia-Tunon. “With this outcome, our board looks forward to advancing the company’s strategy and meeting our commitments to all stakeholders.”
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