Iron Mountain (IRM) Reaches Deal With Elliott Management, Announces Plans to Enhance Shareholder Value

Iron Mountain Incorporated (NYSE: IRM) confirmed it reached a deal with dissident investor Elliott Management and announced plans to enhance stockholder value.

Iron Mountain reached an agreement with Elliott to support one of Elliott's nominees at the 2011 Annual Meeting of Stockholders and to add another independent director following the meeting.

The company will also:

• Sustaining its leadership in the highly attractive North America business
  
• Significantly improving its International portfolio
  
• Exploring strategic alternatives for its digital business
  
• Committing to total stockholder payouts of approximately $2.2 billion through 2013, including approximately $1.2 billion of capital returned over the next 12 months through a combination of share repurchases and dividends
  
• Forming a Special Committee to evaluate financing, capital, and tax strategies including conversion into a REIT

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