Irenic Capital Management reached cooperation agreement with Barnes Group (B)

Key Summary: On January 29, 2024, Irenic Capital (5.1%) nominated director candidates. On March 7, 2024, it reached an agreement with the company for a board seat.

Market Cap: $1.9 billion | Barnes Group Inc. provides engineered products, industrial technologies, and solutions in the United States and internationally.

• On January 29, 2024, Irenic Capital (5.1%) nominated two candidates for election to the Board at the 2024 AGM. Source

• On February 16, 2024, Irenic Capital Management (5.1%) filed proxy materials urging for a more engaged, independent Board following disappointing Q4 and full-year 2023 results. They advocated for adding independent directors with industry and capital expertise to benefit Barnes' shareholders. Source

Update

On March 5, 2024, Irenic Capital Management entered a Cooperation Agreement with the company, resulting in the appointment of Adam J. Katz to the Board and agreeing to nominate him for election at the 2024 Annual Meeting. They also agreed to jointly select an additional independent director.