Recall can afford to rebuff an Iron Mountain bid

Recall has long been a compelling target for Iron Mountain, but the US company is unlikely to succeed in a takeover bid with anything other than a obviously generous offer.

It’s a novel takeover defence when the target company dismisses a $2.2 billion offer out of hand while arguing that combining with its bidder would generate $US250 million a year of synergies.

The nature of Recall Holdings’ response to the bid by Iron Mountain, however, says that Recall’s board isn’t opposed to the concept of the long-touted merger with the dominant player in its sector but purely to its terms.

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