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April 17, 2014
07:37 EDTCBS, IRMIron Mountain could be valued above $40/share with REIT, says William Blair
William Blair continues to believe the odds of REIT conversion for Iron Mountain (IRM) remain about 50/50 after shares rallied on CBS' (CBS) favorable REIT ruling. The firm thinks the rationale for the CBS ruling are likely unrelated to issues under consideration for Iron Mountain. It estimates shares of Iron Mountain could be valued above $40 with REIT approval. The firm finds the risk/reward into the decision as favorable and keeps an Outperform rating on the stock.
News For IRM;CBS From The Last 14 Days
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November 24, 2015
19:27 EDTIRMIron Mountain announces deferral of Recall Scheme Meeting to approve acquisition
Iron Mountain announced that Recall Holdings has received approval from the Federal Court of Australia to defer the date of its Scheme Meeting related to Iron Mountain's acquisition of Recall from the previously scheduled date of December 3, 2015 to March 17, 2016. The special shareholder meeting to approve the acquisition is referred to as the Scheme Meeting in Australia, and will be held once certain conditions to closing of the transaction, including regulatory clearance, are satisfied. As previously disclosed, 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 do not expect to obtain all regulatory approvals prior to the originally scheduled Scheme Meeting date of December 3. Acquisitions in Australia require Federal Court approval to proceed. Before the Federal Court can issue its approval, all regulatory clearances must have been received to enable Recall shareholders to vote on the Scheme with a clear understanding of the agreements expected with the various 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. As a result of these factors, the earliest Recall can hold its Scheme Meeting and schedule subsequent Australian Federal Court approval dates is March, with implementation expected on April 1, 2016. Regulatory review and approval is a normal part of the acquisition process, and as previously disclosed, Iron Mountain has agreed to make certain divestments, if required to address competition issues including divestments of certain assets, among other possible remedies. Iron Mountain expects all required regulatory approvals will be determined by the new Scheme Meeting date and the transaction would close early in Q2 of 2016. Iron Mountain stockholders overwhelmingly approved the issuance of shares for the acquisition of Recall on November 19, and the Recall board continues to unanimously recommend that its shareholders vote in favor of the transaction.
November 19, 2015
09:58 EDTIRMIron Mountain stockholders approve issuance of shares for Recall acquisition
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November 13, 2015
11:38 EDTCBSBox Office Battle: 'Spectre,' 'The Peanuts Movie' expected to remain on top
Sony's (SNE) "Spectre," starring Daniel Craig as James Bond, is again expected to top the box office in its second weekend at theaters, with an estimated domestic gross in the $30.3M-$32.4M range. Fox's (FOX, FOXA) G-rated family film "The Peanuts Movie," starring a 3D-animated Charlie Brown, is again likely to come in second, predicted to earn an additional $28.7M. Newcomer "The 33," a drama retelling the true story of the Chilean miners that were trapped underground in 2010, is expected to open between $5.5M-$10M in 2,400 theaters. "The 33" is being distributed in North America by Time Warner's (TWX) Warner Bros. Pictures, and in Latin America by Fox's 20th Century Fox. Holiday dramedy "Love the Coopers," starring John Goodman and Diane Keaton, is estimated to open in the $5.2M-$8M range. "Love the Coopers" is being released in 2,603 theaters by Lionsgate (LGF) and CBS's (CBS) CBS Films. Fox's "The Martian," which opened on October 2, is predicted to earn an additional $6M-$6.8M. Other publicly traded companies involved in filmmaking include Comcast (CMCSA, CMCSK), Disney (DIS), and Viacom (VIA, VIAB).
11:33 EDTCBSStocks with call strike movement; CBS CMG
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10:53 EDTCBSCBS management to meet with Barrington
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November 11, 2015
07:55 EDTCBSRBC Capital to hold a conference
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07:40 EDTCBSWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link

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