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

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of