Iron Mountain to buy Recall Holdings for $2.2 billion
Recall shareholders have the option to receive either 0.1722 Iron Mountain shares or A$8.50 in cash for every share they own. The total cash consideration cannot exceed A$225 million ($179 million), Iron Mountain said.
Atlanta, Georgia-based Recall rejected an offer of A$7 per share from Boston-based Iron Mountain in December, saying the premium was too low. Iron Mountain said it would establish a secondary listing on the Australian Securities Exchange once the transaction is completed.
Shares of the company rose 5.5 percent to $38.25 on the New York Stock Exchange. Recall shares closed at A$7.62 on Tuesday on the Australian Stock Exchange. The deal was announced after close of the Australian market.
What to read next