Brink's Home Security is anticipated to spin off from the Brink's Corporation. The move has been approved by the board and a registration statement has been filed with the Securities and Exchange Commission.
Photo credit: From www.brinkshomesecurity.com
RICHMOND, Va. -- Brink's Home Security Holdings Inc. on Friday filed a registration statement with the Securities and Exchange Commission related to its anticipated spin-off from Brink's Co.
The deal has been approved by the Brink's board. No shareholder vote is required.
Under terms of the deal, Brink's shareholders will receive a tax-free stock distribution from the new company.
As separate companies, both Brink's and Brink's Home Security will be better positioned to pursue growth opportunities and have more focused management and more efficient capital structures, Brink's said.
After months of pressure from shareholders, Brink's announced plans in February to spin off the home security business in the fourth quarter.
Brink's will continue to trade on the New York Stock Exchange under the symbol "BCO," while Brink's Home Security is expected to trade on the NYSE under a symbol yet to be determined.
Brink's shares slipped a penny to close at $72.48.