Recall Holdings Limited
(ASX:REC) says it has reached a takeover agreement with US giant Iron Mountain.
The growing strength of the US dollar and the plunging Aussie dollar has made the proposed deal a lot more attractive to shareholders. The scrip and cash deal from Iron Mountain is worth around $2.5 billion dollars surpassing the $2.2 billion deal that Recall rejected in December.
The new offer sees Recall shareholders offered 0.1722 Iron Mountain shares for each Recall share. The stock was trading at A$45.60 in New York on Tuesday night.
Iron Mountain has flagged a secondary listing on the ASX to allow Recall shareholders to trade Iron Mountain shares locally. Alternatively current shareholders will be offered up to $8.50 in cash for their shares capped to $225 million.
Recall Holdings reported a net profit of $39.6 million for the first six months of the 2015 financial year.
