1.75 Million More Shares of Pinkerton’s to Be Sold

Pinkerton’s Inc. and its chairman, Thomas W. Wathen, plan to sell an additional 1.75 million shares of the Van Nuys-based company to the public.

Pinkerton’s, a leading provider of guards and other security services, plans to sell 1.5 million shares and Wathen himself plans to sell 250,000 of his shares, the company said. Based on the stock’s closing price of $26.25 a share Monday in over-the-counter trading, the offering would provide Pinkerton’s and Wathen with gross proceeds of $39.4 million and $6.6 million, respectively.

The sale of Wathen’s shares would cut his overall stake in the company to 39.3%, or 2.92 million shares, from a controlling 53.4%. The shares being sold by Pinkerton’s would represent 24% of the company’s total shares outstanding after the offering.

Pinkerton’s went public a year ago, with an initial offering priced at $14 a share. The current offering is being managed by Wertheim Schroder & Co.