New York Times- Millbrook Capital, the activist hedge fund seeking a breakup or sale of the Brink’s Company, is expected to announce its four nominees today for directors of the security company.
The announcement is the next step in Millbrook’s effort to force changes at Brink’s. The company’s shares have risen threefold since Millbrook first invested in 2003, but the hedge fund has argued that the stock could rise even further if Brink’s separated its armored truck and security provider units.
(The company announced on Wednesday that it hired the Monitor Group, a consulting firm, to evaluate its strategic options.)
Brink’s shares rose 56 cents to $61.71 yesterday.
Millbrook has argued that the current board, excluding Michael T. Dan, Brink’s chairman and chief executive, lacks both Wall Street and security-industry experience. Another activist fund, Pirate Capital, called last month for the separation of the chairman and chief executive positions and the elimination of the staggered board system.
