Recall Holdings Rejects A$7/share Bid From Iron Mountain - Quick Facts

(RTTNews) - Australia's Recall Holdings Ltd. (REC.AX, RCLHF.PK) said that its board of directors has unanimously rejected a non-binding indicative proposal from Iron Mountain Inc. (IRM) to acquire the company, saying that the proposal materially undervalues Recall Holdings.

Under the proposal, Recall Holdings shareholders would receive a combination of cash and Iron Mountain shares with a total value of A$7.00 per Recall Holdings share. The proposal is subject to a number of conditions including unanimous board recommendation and exclusivity provisions.

Recall Holdings said it will continue to focus on aggressively growing its business, increasing shareholder value and supporting its customers around the globe.