Wednesday, 31 August 2016
Last updated 1 hour ago
Jan 4 2007 | 3:14pm ET
Brink’s Co. made its name battling would-be bank robbers but how will it fare against a band of pirates?
Activist hedge fund Pirate Capital is eyeing the legendary armored car and security services firm, demanding two board seats and threatening a proxy battle if it doesn’t get its way.
“Unless the board acts with a renewed sense of duty, we will not be able to avoid an expensive and lengthy proxy contest,” Pirate wrote in a letter filed with the Securities and Exchange Commission. Pirate, which owns 8.5% of Brink’s, has called for the company to hire an investment bank to find ways to raise its stock price.
“Unfortunately,” Pirate wrote, “our requests appear to be falling on deaf ears and the board seems more concerned with exercising its prerogatives of office than serving shareholder interests.”
Pirate is seeking the appointment of its founder, Thomas Hudson, and general counsel, Chris Kelly, to Brink’s board.