UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
The Brink's Company
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
109696104
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(CUSIP Number)
Thomas R. Hudson Jr.
Pirate Capital LLC 200
Connecticut Avenue, 4th Floor
Norwalk, CT 06854
(203) 854-1100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 8, 2006
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 6 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 2 OF 6 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PIRATE CAPITAL LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,093,794
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
4,093,794
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,093,794
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.7%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 3 OF 6 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS R. HUDSON JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,093,794
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,093,794
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,093,794
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.7%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 4 OF 6 PAGES
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The Schedule 13D filed on January 17, 2006 by Pirate Capital LLC, a Delaware
limited liability company ("Pirate Capital"), and Thomas R. Hudson Jr.
(together, the "Reporting Persons"), relating to the shares of common stock,
$1.00 par value ("Shares"), of The Brink's Company (the "Issuer") is hereby
amended by this Amendment No. 1 to the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated as follows:
Funds for the purchase of the Shares reported herein were derived from
available capital of the Holders. A total of approximately $173,970,233 was paid
to acquire such Shares.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
On August 8, 2006, Pirate Capital sent a letter to the board of
directors of the Issuer encouraging the board to take immediate steps to unlock
long-term shareholder value by retaining an investment advisor to explore the
sale of the Company. A copy of this letter is attached hereto as Exhibit B and
incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and
restated as follows:
(a) As of the close of business on August 8, 2006, the Reporting
Persons beneficially owned 4,093,794 Shares, constituting approximately 8.7% of
the Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 47,317,653 Shares outstanding as of August 1, 2006 as
reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2006.
(b) By virtue of its position as general partner of Jolly Roger Fund
LP, Pirate Capital has the power to vote or direct the voting, and to dispose or
direct the disposition of, all of the 536,682 Shares held by Jolly Roger Fund
LP. By virtue of an agreement with Jolly Roger Offshore Fund LTD, Pirate Capital
LLC has dispositive power with respect to all of the 3,557,112 Shares held by
Jolly Roger Offshore Fund LTD. By virtue of his position as sole Managing Member
of Pirate Capital, Thomas R. Hudson Jr. is deemed to have shared voting and
dispositive power with respect to the 4,093,794 Shares as to which Pirate
Capital has voting and dispositive power.
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 5 OF 6 PAGES
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(c) The following transactions in the Shares were effected by the
Reporting Persons during the past 60 days. All of the Shares were purchased in
open market transactions.
Jolly Roger Fund LP
Trade Date Shares Purchased (Sold) Price per Share ($)
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8/03/2006 (40,206) 55.88
Jolly Roger Offshore Fund LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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6/19/2006 67,000* 55.00
* Exercise of option
Jolly Roger Activist Portfolio Company LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
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7/31/2006 9,794 54.98
8/3/2006 (9,794) 55.88
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE COMPANY.
Item 6 of the Schedule 13D is hereby amended and restated as follows:
As set forth below, Jolly Roger Fund LP sold the following call option
on the open market:
Date of Sale Shares Exercise Price per Expiration Date
Underlying Share ($)
Options
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7/24/06 70,000 55.00 8/19/06
Except as otherwise set forth herein, the Reporting Persons do not
have any contract, arrangement, understanding or relationship with any person
with respect to securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is hereby amended by the addition of the following:
3. Exhibit B - Letter to the board of directors, dated August 8, 2006
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 6 OF 6 PAGES
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SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 8, 2006
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Managing Manager
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.
[LOGO OMITTED]
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August 8, 2006
VIA FACSIMILE (804.289.5760) & OVERNIGHT COURIER
Board of Directors
c/o Mr. Michael Dan
Chairman, President and Chief Executive Officer
The Brink's Company
1801 Bayberry Court
PO Box 18100
Richmond, Virginia 23226
Dear Members of the Board:
Pirate Capital LLC, as the investment advisor to Jolly Roger Fund LP,
Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio Company LTD, is
the largest beneficial owner (according to public filings) of The Brink's
Company, Inc. ("BCO" or the "Company"). We have been a long-term investor, and
believe that the market price of BCO shares fails to reflect the value embedded
in its two premier security businesses, the potential for margin recovery at
Brink's, Inc., and the stable cash flows generated by Brink's Home Security. We
are writing this letter to encourage the Board to take immediate steps to unlock
long-term shareholder value by retaining an investment advisor to explore the
sale of the Company.
We credit the Board and its Chairman, Michael Dan, with the creation of
significant shareholder value. The sale of BAX, the subsequent return of capital
to shareholders, and a disciplined approach to the consideration of acquisition
targets demonstrate a strong fiduciary commitment. Despite these actions and the
operational excellence of BCO's management team, BCO shares have yet to be
awarded a multiple that reflect the Company's value as a pure play security
company with an attractive balance sheet and strong growth prospects. AT THIS
TIME, WE BELIEVE SHAREHOLDER VALUE WILL BE MAXIMIZED BY A SALE OF THE COMPANY.
Pirate Capital's investment professionals sit on multiple boards across
various industries. We continue to be impressed by the current robust market for
mergers and acquisitions and the appetite of private equity firms. Your Board's
own experience with the sale of BAX is testament to the result that can be
achieved in a competitive bidding process. We believe that a sale process for
Brink's would draw substantial interest from well capitalized strategic parties
who could help bolster BCO's market position and financial buyers who are
willing to pay a meaningful premium for a high quality security business. We
believe that an expected purchase price in the range of $68-72 per share,
reflecting an enterprise value of approximately 8.5-9X our 2006 EBITDA estimate,
could prove conservative. We encourage the Board to take immediate steps to
maximize shareholder value through the sale of the Company and request a meeting
with the Board to discuss our views on valuation.
Sincerely,
/s/ Thomas R. Hudson Jr.
Thomas R. Hudson Jr.
Managing Member
Pirate Capital LLC
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200 CONNECTICUT AVENUE; 4TH FLOOR, NORWALK, CT 06854
PHONE: 203-854-1100 FAX: 203-854-5841
www.piratecapitalllc.com