By Greg Hazley
Finsbury and Joele Frank, Wilkinson Brimmer Katcher are working hedge fun Elliott Management’s push to revamp Iron Mountain, an information management company with $3.1B in revenue last year.
Elliott, which manages about $17 billion and owns just under 5% of Iron Mountain’s shares, nominated four directors to Iron Mountain’s board this month and is pushing the company to become a real estate investment trust, which would distribute more gains to shareholders and significantly cut its tax bill. Elliott says Iron Mountain’s core business is “mature” and questions pursuing growth through expenditures and acquisitions, as IM has recently done.
The hedge fund is working with Finsbury’s New York office and proxy firm Mackenzie Partners on its push.
Iron Mountain has hired Joele Frank and Innisfree M&A, in addition to legal and banking advisors, as it weighs Elliott’s slate and proposals.
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