Pirate Capital's Hudson said Brinks (BCO) should be sold in its entirety or split into two pieces
In an amended 13D filing after the close on Brinks Co. (NYSE: BCO) 8.6% holder Pirate Capital, which recently announced that its founder Thomas Hudson will be added to company's board, noted comments made by Hudson to the Bloomberg news organization saying either the company should be sold in its entirety or split into two pieces.
From the 'Purpose of Transaction' section of the filing:
"On February 14, 2007, the Bloomberg news organization released an article entitled "Pirate Capital's Hudson Says Brink's Should Be Sold or Split Up." The article included a statement provided to the Bloomberg news organization by Thomas R. Hudson Jr., the Manager of Pirate Capital. The first two paragraphs of the article follow:
Feb. 14 (Bloomberg) - Thomas R. Hudson Jr., whose hedge fund company Pirate Capital LLC is the largest shareholder of Brink's Co., said the armored-car maker should be sold.
"At this point the only question in my mind is whether the company should be sold in its entirety or split into two pieces and each piece sold to a separate buyer," Hudson said in an e-mailed statement today."
NOTE: Pirate Capital has been pushing for a sale for some time.