Bloomberg – Iron Mountain Inc. (IRM), the world’s largest document storage company, said it will return cash to shareholders and sell its digital unit after pressure from hedge fund investor Elliott Management Corp.
Iron Mountain also agreed to consider converting to a real estate investment trust, a move that Elliott encouraged, Iron Mountain said in a statement today. One of Elliott’s nominees will join the Iron Mountain board, staving off a proxy fight in which the fund manager run by Paul Singer had sought four seats, according to a statement today.
