Hudson Takes Aim At Brinks

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.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

When Less is More: The Case for Concentrated Equity Strategies

Jun 1 2015 | 7:59am ET

The conventional wisdom is that wide diversification is the “holy grail,” as...

 

Sponsored Content

Editor's Note