Friday, January 05, 2007

Hedge Fund Plans to Solicit Proxies

Pirate Capital, a $1.7 billion hedge fund, plans to solicit proxies in support of its push to persuade Brink’s, the armored-truck and security provider, to hire an investment bank for a possible sale. In a regulatory filing yesterday, Pirate Capital also proposed electing its founder and another Pirate executive to Brink’s board. Pirate owns 8.5 percent of Brink’s and is its largest shareholder. Both Pirate and MMI Investments, which owns 8.3 percent of Brink’s shares, want the company to hire an investment bank for a possible sale, in the belief that it is undervalued.
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