Brink's Co. was notified by Starboard Value L.P. that the New York hedge fund has increased its stake in the security company to 12.4%. Starboard sent a letter to Brink's senior management and board of directors, highlighting the company's "long track record of poor performance and shareholder frustration," and proposed ways to create value for shareholders. "Unfortunately, despite announcing a number of strategy shifts, personnel changes, and restructurings over the past five years, Brink's has not capitalized on those opportunities but has instead, as we discussed with you at our recent meeting and as we detail below, repeatedly disappointed investors and underperformed its peers," the letter said. Brink's stock, which was still inactive in premarket trade, has gained 16% year to date, while the S&P 500 has lost 5.2%.
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