Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Event-Driven

The Recall Scheme meeting that was set on 3 December 2015 has been deferred to 17 March 2016.The reasons?<ol><li>The deferral is intended to allow the required regulatory approvals to be finalized prior to the Scheme Meeting, enabling shareholders to vote on the Scheme with a clear understanding of the agreements expected with the regulatory authorities.</li><li>Additionally, as provided in the Scheme Implementation Deed, Iron Mountain and Recall had agreed that in order to facilitate REIT compliance measures, the closing date should occur in the first 30 days of a calendar quarter, and that it might be necessary to adjust the Court hearing date to achieve that objective.</li><li>Lastly, the transaction is being reviewed by regulatory authorities in Australia, the United States, the United Kingdom and Canada. The regulatory review is progressing; however, we (IRM) do not expect to obtain all regulatory approvals prior to the originally scheduled Scheme Meeting date of 3 December 2015.&nbsp;</li></ol>We had warned about the difficulty in obtaining regulatory approvals if the notion of a national market is brought up which would excluded&nbsp;the 'unvended' and smaller competitors of IRM and REC.&nbsp;The ACCC have caught on to competition issues when looking through the lens of&nbsp;a national market... what about the DOJ? &nbsp;

The Recall Scheme meeting that was set on 3 December 2015 has been deferred to 17 March 2016.The reasons?The deferral is intended to allow the required regulatory approvals to be finalized prior to the Scheme Meeting, enabling shareholders to vote on the Scheme with a clear understanding of the agreements expected with the regulatory authorities.Additionally, as provided in the Scheme Implementation Deed, Iron Mountain and Recall had agreed that in order to facilitate REIT compliance measures, the closing date should occur in the first 30 days of a calendar quarter, and that it might be necessary to adjust the Court hearing date to achieve that objective.Lastly, the transaction is being reviewed by regulatory authorities in Australia, the United States, the United Kingdom and Canada. The regulatory review is progressing; however, we (IRM) do not expect to obtain all regulatory approvals prior to the originally scheduled Scheme Meeting date of 3 December 2015.&nbsp;We had warned about the difficulty in obtaining regulatory approvals if the notion of a national market is brought up which would excluded&nbsp;the 'unvended' and smaller competitors of IRM and REC.&nbsp;The ACCC have caught on to competition issues when looking through the lens of&nbsp;a national market... what about the DOJ? &nbsp;

We see Recall being priced by the market at a deal completion probability of 50-60% even after ACCC had issued a 'Issue of Concern' for Iron Mountain's proposed acquisition of Recall Holdings.&nbsp;We examine if the current pricing reflects the possibility of the DOJ blocking the deal.

We see Recall being priced by the market at a deal completion probability of 50-60% even after ACCC had issued a 'Issue of Concern' for Iron Mountain's proposed acquisition of Recall Holdings.&nbsp;We examine if the current pricing reflects the possibility of the DOJ blocking the deal.

SOI Released: Even if IRM overcomes the first mountain, can they surmount the second (DOJ) mountain?

United States

Iron Mountain Incorporated is a storage and information management company. The Company provides records management, data management solutions, and information destruction services.

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Iron Mountain (IRM US)

An Ominous Sign

The Recall Scheme meeting that was set on 3 December 2015 has been deferred to 17 March 2016.The reasons? The deferral is intended to allow the...

Crispin Francis

SOI Released: Even if IRM overcomes the first mountain, can they surmount the second (DOJ) mountain?

We see Recall being priced by the market at a deal completion probability of 50-60% even after ACCC had issued a 'Issue of Concern' for Iron...

Crispin Francis

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