Saturday, 23 May 2015
Last updated 12 hours ago
Jan 10 2008 | 8:13am ET
Another activist hedge fund has joined the raid on the Brink’s Company. Steel Partners on Tuesday warned the security company famous for its armored trucks to seek a spin-off or sale, or else. It also disclosed a 6.2% stake in Brink’s.
“Steel Partners II believes that significant shareholder value would be unlocked if the issuer were to pursue a tax-free spin-off of one of its two business segments,” the hedge fund wrote. Steel further demanded an immediate sale of Brink’s if it does not pursue a spin-off, and called on the company to increase its stock buyback plan fivefold to $500 million.
Steel is the third activist hedge fund to express its unhappiness with Brink’s’ efforts to boost its stock price. Both Pirate Capital and Millbrook Capital Management have sought a tax-free spin-off, with the latter nominating a slate of board candidates for the company’s 2008 annual meeting. In November, Richmond, Va.-based Brink’s said it had retained the Monitor Group to investigate strategic alternatives for the company.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…