Irenic Capital discloses 5.1% activist stake in Barnes Group

Irenic Capital disclosed a 5.1% stake in Barnes Group, which represents over 2.57M shares. The filing does allow for activism. Irenic Capital discloses that it “believes the securities of the Issuer are undervalued and represent an attractive investment opportunity. Irenic Capital has formally nominated two highly-qualified candidates, Adam Katz and Larry A. Lawson, for election to the Board of Directors at the Issuer’s 2024 annual meeting of stockholders. Since November, Irenic Capital has attempted to engage in a constructive and private dialogue with the Board and management in hopes of achieving a cooperative resolution. Irenic Capital may consider, explore and/or develop plans and/or make proposals (whether preliminary or final) with respect to, among other things, potential changes in the Issuer’s operations, management, organizational documents, composition of the Board, ownership, capital or corporate structure, sale transactions, dividend policy, strategy and plans. Irenic Capital intends to communicate with the Issuer’s management and Board about, and may enter into negotiations and agreements with them regarding, the foregoing and a broad range of operational and strategic matters and to communicate with other stockholders or third parties, including potential acquirers, service providers and financing sources regarding the Issuer. Irenic Capital may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. Irenic Capital may change its intentions with respect to any and all matters referred to in this Item 4. It may also take steps to explore and prepare for various plans and actions, and propose transactions, before forming an intention to engage in such plans or actions or proceed with such transactions.”