Activist Irenic Said to Seek Sale, Changes at Barnes Group (1)

Activist investor Irenic Capital Management has built a position in Barnes Group Inc. and is pushing for the manufacturer to make board changes and explore a strategic review, including a sale of all or part of the company, according to people familiar with the matter.

Irenic, taking its first position since it was founded by alums of larger activist funds, has told management it believes the company could fetch as much as $60 per share in a sale, said the people, who asked to not be identified because the matter isn’t public.

That’s a substantial premium to its current share ...