Wednesday, 25 November 2015
Last updated 1 hour 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…