RICHMOND, Va. - Another investor seeking to unlock new value on Brink's Co. has launched a proxy contest to gain a foothold on the board of the venerable security service. MMI Investments LP, which holds an 8.4% stake in the company, has nominated four associates to the Brink's board.
This year's proxy battle follows one last year in which private equity fund Pirate Capital, which is seeking to break up Brink's, won a seat on the board. Pirate Capital is pushing for the spin off of Brink's well-known financial institutions security business from its home security operations.
In its own pursuit, MMI said its representatives would "seek to maximize value for shareholders of Brink's by exploring all strategic and financial opportunities available and decisively pursuing a course of action."
