The Brinks Company (NYSE:BCO) is a security company that has recently found itself in Pirate Capital's crosshairs. In early August, the company acknowledged the receipt of a letter from Pirate requesting that the company put itself up for sale. Mr. Hudson - managing partner of Pirate Capital - contends that a sale of the company would attract "substancial" interest given the Brinks market leadership, and would likely receive offers between $68 and $72 per share. This would represent a 19% to 26% premium over today's price. The Board responded positively on August 9th in an 8K filing with the SEC stating that the Board would take the request into consideration. Pirate has been acquiring the stock since its February 13D filing with the SEC. Interestingly, another activist hedge fund also holds an ownership stake in the company - Steel Partners. These funds hold a combined 15% of the company and are not adverse to forcing changes in large companies.

Brinks is definitely a stock worth keeping an eye on. With such large activist holdings and an asset valuation of around $68 per share, this company is fundamentally undervalued and it has a catalyst the help unlock this value in the short-term.

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