Starboard Value’s Jeff Smith last week reported owning an 8.2% stake in Brink’s Co. (BCO), in a little-noticed securities filing that didn’t provide any useful information about what the investor is hoping to achieve at the armored-car transport company. The filing was bare bones, but investors should expect Smith or another activist to try to bust a hole in Brink’s board if operational changes aren’t forthcoming in the coming months. People familiar with Smith’s thinking note that the activist has had conversations with Brink’s officials and said he’s concerned about how the company has significantly underperformed compared with Loomis (LMOIF), Brink’s major armored-car transport rival. Source
Activist Target
