– Transaction Still Expected to Close in First Quarter of 2016 –
BOSTON--(BUSINESS WIRE)--
Iron Mountain Incorporated (NYSE: IRM), the storage and information
management company, reports that the Australian Competition and Consumer
Commission (ACCC) as expected has released a Statement of Issues related
to Iron Mountain’s proposed acquisition of Recall Holdings Limited
(ASX:REC) (Recall) by way of scheme of arrangement (Scheme).
The Statement of Issues is a normal part of the ACCC process and it is
designed to seek industry views and further information on certain
competition issues that have arisen from the ACCC’s market inquiries to
date. The Statement of Issues is not a final decision. It provides the
ACCC’s preliminary views on the proposed acquisition. The ACCC has
commenced a public consultation process in respect of the Statement of
Issues and invites further submissions from interested parties. The ACCC
has indicated that it expects to announce its final decision in respect
of the transaction on December 15, 2015. The transaction is still
expected to close in the first quarter of 2016.
Iron Mountain is working closely with the ACCC to address the issues
raised and is committed to making any divestments required to obtain the
competition approvals in Australia, without any monetary cap. For
further detail regarding the Statement of Issues, see the ACCC's media
release, which can be found by clicking HERE.
Both Iron Mountain’s and Recall's Boards of Directors continue to
unanimously recommend that their respective shareholders vote in favor
of the transaction.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage
and information management services. The company’s real estate network
of more than 67 million square feet across more than 1,000 facilities in
36 countries allows it to serve customers with speed and accuracy. And
its solutions for records
management, data
management, document
management, and secure
shredding help organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their information for
business advantage. Founded in 1951, Iron Mountain stores and protects
billions of information assets, including business documents, backup
tapes, electronic files and medical data. Visit www.ironmountain.com
for more information.
Forward Looking Statements
Certain statements contained in this communication may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws and
be subject to the safe-harbor created by such Act. Forward-looking
statements include, but are not limited to, Iron Mountain’s financial
performance outlook and shareholder returns in 2015 and through 2020,
including after giving effect to Iron Mountain’s proposed acquisition of
Recall, and statements regarding Iron Mountain’s operations, economic
performance, financial condition, goals, beliefs, future growth
strategies, investment objectives, plans and current expectations,
projected revenues from Iron Mountain’s emerging market acquisition
pipeline, valuation creation and returns associated with Iron Mountain’s
data center business and other adjacent businesses, and the benefits
associated with increasing the percentage of real estate that Iron
Mountain owns. These forward-looking statements are subject to various
known and unknown risks, uncertainties and other factors. When Iron
Mountain uses words such as "believes," "expects," "anticipates,"
"estimates" or similar expressions, it is making forward-looking
statements. You should not rely upon forward-looking statements except
as statements of Iron Mountain’s present intentions and of Iron
Mountain’s present expectations, which may or may not occur. Although
Iron Mountain believes that its forward-looking statements are based on
reasonable assumptions, Iron Mountain’s expected results may not be
achieved, and actual results may differ materially from its
expectations. Important factors that could cause actual results to
differ from Iron Mountain’s other expectations include, among others:
(i) Iron Mountain’s expected dividends may be materially different than
Iron Mountain’s estimates; (ii) the cost to comply with current and
future laws, regulations and customer demands relating to privacy
issues; (iii) the impact of litigation or disputes that may arise in
connection with incidents in which Iron Mountain fails to protect its
customers' information; (iv) changes in the price for Iron Mountain’s
storage and information management services relative to the cost of
providing such storage and information management services; (v) changes
in customer preferences and demand for Iron Mountain’s storage and
information management services; (vi) the adoption of alternative
technologies and shifts by Iron Mountain’s customers to storage of data
through non-paper based technologies; (vii) the cost or potential
liabilities associated with real estate necessary for Iron Mountain’s
business; (viii) the performance of business partners upon whom Iron
Mountain depends for technical assistance or management expertise
outside the United States.; (ix) changes in the political and economic
environments in the countries in which Iron Mountain’s international
subsidiaries operate; (x) changes in the cost of Iron Mountain’s debt;
(xi) changes in the amount of Iron Mountain’s capital expenditures;
(xii) Iron Mountain’s ability to remain qualified for taxation as a real
estate investment trust; (xiii) Iron Mountain’s ability or inability to
complete acquisitions on satisfactory terms and to integrate acquired
companies efficiently; and (xiv) other trends in competitive or economic
conditions affecting Iron Mountain’s financial condition or results of
operations not presently contemplated. In addition, with respect to the
potential Recall transaction, Iron Mountain’s ability to close the
proposed transaction in accordance with its terms and within the
anticipated time period, or at all, is dependent on Iron Mountain’s and
Recall's ability to satisfy the closing conditions for the transaction,
including the receipt of governmental and shareholder approvals, and the
benefits of the potential Recall transaction, including potential cost
synergies and other synergies (including tax synergies), may not be
fully realized or may take longer to realize than expected. Additional
risks and factors that may affect results are set forth in Iron
Mountain’s filings with the Securities and Exchange Commission,
including Iron Mountain’s Annual Report on Form 10-K for the fiscal year
ending December 31, 2014, Iron Mountain’s current report on Form 8-K,
filed with the SEC on May 7, 2015 and Iron Mountain’s quarterly report
on From 10-Q for the fiscal quarter ending September 30, 2015 and in
Recall’s filings with the Australian Stock Exchange, including Recall’s
Annual Report for the fiscal year ending June 30, 2015. Except as
required by law, Iron Mountain undertakes no obligation to release
publicly the result of any revision to these forward-looking statements
that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
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Source: Iron Mountain