MMI reaches out to Monitor

NEW YORK--MMI, the activist hedge fund that wants The Brink's Company to spin off one of its divisions, on Dec. 12 sent a letter offering its advice to Monitor Group, the firm hired by Brink's in November to evaluate "various strategic options available to the company" (search "Brink's" at www.securitysystemsnews.com for continuing coverage). "One of the things I've heard about Monitor is that they're very independent. If they really are independent, then they'll want all touch points possible included in their deliberation ... that leads me to think that they might want to talk," MMI's Clay Lifflander told Security Systems News. In the letter, made public in a Dec. 12 SEC filing, to Monitor Group managing partners Steve Jennings and Bob Lurie, Lifflander said his company has spent four years "scrutinizing Brink's chronic undervaluation and attempting to unlock the company's significant intrinsic value through the encouragement of strategic alternatives." He said in the letter that Monitor would "benefit from our experience and insights on these issues and would appreciate the opportunity to communicate with your team directly." For more on this story, see the February issue of Security Systems News.