Brink's shares rise on report of possible division sale
RICHMOND, Va.--Shares of The Brink's Co., the parent company of Brink's Home Security, rose 13.5 percent in mid June after a published report said the company is seeking a buyer for its BAX Global freight shipping division, a move that would allow it to focus on its home security division.
The Associated Press reported the increase in stock was related to an article that first appeared in the Wall Street Journal, which cited unidentified sources familiar with the discussions.
But the newspaper said its sources declined to provide potential values for BAX Global--the Irvine, Calif.-based division ships heavyweight cargo worldwide. The publication also reported that recent prices for similar companies indicate the unit could be worth as much as $500 million.
Brink's shares increased $4.31 to close at $36.26 on the New York Stock Exchange on June 16, according to the news service. The company's shares have traded in the 52-week range of $25.80 and $39.91.