Steel Partners makes recommendations to Brinks that include a sale of the company

By Lisa Kerner

Charlotte, N.C., Jan. 9 - Brinks Co. shareholder Steel Partners II, LP urged the company to spin off one of its two business segments or immediately sell the company.

In the meantime, Steel Partners said Brinks should buy back its shares and increase its share repurchase program authorization to $500 million, from $100 million.

Steel Partners made its recommendations in a Jan. 8 letter to Brinks' chairman, chief executive officer and president Michael T. Dan.

The letter was included in a schedule 13D filing with the Securities and Exchange Commission.

"We continue to believe Brinks is significantly undervalued and are disappointed that it has not implemented strategic alternatives recommended by us and the company's other significant shareholders," the letter stated.

Steel Partners said it does not believe Brinks' current strategy is in the best interests of the shareholders and the investor "cannot accept the status quo."

Steel Partners beneficially owns 6.2% of the Richmond, Va., transportation and cash logistics services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.