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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...