Recall Holdings Rejects Bid From Iron Mountain
15 December 2014 - 1:10PM
Dow Jones News
MELBOURNE, Australia--Document-management and data-storage
company Recall Holdings Ltd. (REC.AU) rejected an almost 2.2
billion Australian dollar ($1.8 billion) takeover bid from Iron
Mountain Inc. (IRM).
Boston-based Iron Mountain has offered A$7 a share in cash and
its shares, subject to a number of conditions including due
diligence, the unanimous recommendation of Recall's board, and all
regulatory approvals, Recall said Monday.
It said the nonbinding offer doesn't fairly share the potential
value that would be created by combining the two companies, which
it estimated to be $250 million a year in synergies.
Write to Robb M. Stewart at robb.stewart@wsj.com
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