Monday, 27 March 2017
Last updated 2 days ago
Nov 30 2007 | 11:43am ET
Just months after making peace with one activist hedge fund, famed security provider Brink’s Company is facing hostile fire from another.
Millbrook Capital, which like fellow activist hedge fund Pirate Capital wants to see Brink’s split up in an effort to unlock value, is poised to unveil its slate of candidates for the company’s board today. According to The New York Times, Millbrook plans to nominate its own founder, John Dyson, as well as former Brink’s Home Security CEO Peter Michel, Investigative Management Group CEO Robert Strang and Chase Manhattan M&A veteran Carroll Wetzel, for the Brink’s board. If all four are successful, it would spell the end of Brink’s chairman and CEO Michael Dan’s tenure in the former post.
Millbrook and Pirate Capital—whose founder, Thomas Hudson, was given a seat on the company’s board in February—have called for the separation of the company’s armored truck and security provider divisions. But while Hudson has repeatedly slammed Dan, and called for splitting the chairman and CEO posts, Millbrook, which is the company’s second-largest shareholder, has taken a more conciliatory approach, criticizing the company’s other board members for lacking experience, and promising to support a new board seat for Dan should he lose to one of its nominees.