Recall Holdings Rejects Iron Mountain's Proposal - Quick Facts

(RTTNews) - Iron Mountain Inc. (IRM) issued a statement in response to Recall Holdings Ltd.'s rejection of Iron Mountain's proposal to acquire Recall for A$7.00 per share by way of a conditional scheme of arrangement. Iron Mountain's proposed consideration of A$7.00 per share represented an increase from an initial proposed price of A$6.75 per share to the company on December 5.

"We see little point in having further discussions with Recall regarding a purchase of the company given their estimated values," said Iron Mountain President and CEO William Meaney.

"We are very surprised by Recall's suggestion that the combination would result in net synergies of $250 million. Iron Mountain's estimate of net synergies is substantially lower than Recall's estimate, which additionally, does not include the substantial time and transaction costs required to realize those synergies," Meaney added.