MMI reaches out to Monitor Group
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.
Asked if it is standard practice for shareholders to offer services to a consulting company in this manner, Lifflander said not necessarily, but he said the offer was sincere and he believes MMI has valuable information and research to share with Monitor. He surmised that Monitor may have to speak to its legal department, as well as to the board of directors at Brink's before giving him a call.
In his letter 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 we would appreciate the opportunity to communicate with your team directly."
Monitor did not return a call or email seeking comment. As of Jan. 7, there was no word from MMI about whether Monitor had taken it up on the offer.