Anson Funds pushes for board changes at Match Grou

Published 04/04/2025, 14:38
Anson Funds pushes for board changes at Match Grou

TORONTO - Anson Funds Management LP and Anson Advisors Inc., collectively known as Anson Funds, and stockholders of Match Group Inc. (NASDAQ:MTCH), have nominated three new directors for election at the company’s 2025 annual stockholders meeting. The nominees, Fumbi Chima, Laura Lee, and Kelley Morrell, have been put forward as part of Anson Funds’ efforts to address what it describes as Match’s long-term underperformance, poor oversight, and inadequate corporate governance. The company, currently valued at $2.94 billion, has seen its stock price decline to $35.55, trading near its 52-week low. InvestingPro analysis suggests the stock is currently undervalued, with multiple indicators pointing to potential recovery opportunities.

In a letter to Match stockholders, Anson Funds criticized the existing board for its "outdated, insular" nature and "deep interlocking relationships," asserting that the current members are not suitably qualified to oversee a modern technology company targeting young adults. The letter also points to Match’s significant underperformance in comparison to broader market indices, despite the company having changed CEOs four times over the past five years. Recent data from InvestingPro shows a concerning 12.78% revenue decline over the last twelve months, though the company maintains a strong financial health score of "GOOD" based on comprehensive metrics analysis.

Anson Funds has expressed concern over the board’s refusal to engage seriously with stockholders to introduce fresh perspectives and relevant expertise. The investment firm, which manages $2 billion in assets and was founded in 2007, intends to file a definitive proxy statement and accompanying proxy card with the Securities and Exchange Commission (SEC) in relation to the upcoming stockholders meeting. Analysts maintain a generally positive outlook, with price targets ranging from $44.50 to $100 per share. For deeper insights into Match Group’s valuation and growth potential, access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.

This move by Anson Funds highlights ongoing tensions between Match Group and some of its investors, who are seeking a strategic shift in the company’s governance to potentially improve performance. The definitive proxy statement, which will contain more detailed information, will be made available to Match stockholders and is also expected to be accessible on the SEC’s website.

The information in this article is based on a press release statement issued by Anson Funds on April 4, 2025.

In other recent news, IAC Inc. has completed the spin-off of Angi Inc., distributing Angi Class A common stock to its shareholders on March 31, 2025. This strategic move is intended to provide both companies with increased operational flexibility. Concurrently, Angi Inc. will replace The ODP Corp. in the S&P SmallCap 600 index, reflecting changes in market capitalization. JPMorgan has upgraded IAC’s stock to an Overweight rating with a $60 target, citing the Angi spin-off as a potential catalyst for unlocking portfolio value. Citi also maintains a Buy rating on IAC with a $58 target, highlighting the value in IAC’s core operations and its Dotdash Meredith asset.

Additionally, IAC announced a temporary trading blackout for its employee benefit plans, linked to the Angi spin-off. This procedural measure is to facilitate the creation of a new stock fund for Angi Inc. amidst the corporate restructuring. The inclusion of Angi in the S&P SmallCap 600 index and IAC’s continued presence in the index post-spin-off may enhance visibility for both entities. These developments are part of IAC’s broader strategy to streamline its business and focus on its core assets.

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