Pirate Wins Brink’s Booty

RICHMOND, Va. – Venerable cash carrier and security firm Brink’s Co. announced yesterday it had agreed to support a representative of Pirate Capital LLC to its board to settle an ongoing proxy contest with its largest shareholder. Pirate, whose Jolly Roger Fund LLP has accumulated an 8.5% stake in Brink’s, has been waging a proxy contest for two seats on the company’s board, where it hopes to agitate for the sale of the company. But the raiders’ momentum was halted last week when Brink’s announced a tripling in fourth quarter and annual earnings, giving pause to the notion that Pirate could raise the financial prospects of the company. Under a settlement with Pirate, Brink’s agreed to appoint Thomas Hudson, president and founder of the Hedge Fund, to its board later this month, then to endorse his election to a full three-year term in May. In exchange, Pirate will withdraw its proxy bid and will not seek a second board seat.