IRM Iron Mountain Inc REIT

MELBOURNE, Australia--Document-management and data-storage company Recall Holdings Ltd. (REC.AU) rejected an almost 2.2 billion Australian dollar ($1.8 billion) takeover bid from Iron Mountain Inc. (IRM).

Boston-based Iron Mountain has offered A$7 a share in cash and its shares, subject to a number of conditions including due diligence, the unanimous recommendation of Recall's board, and all regulatory approvals, Recall said Monday.

It said the nonbinding offer doesn't fairly share the potential value that would be created by combining the two companies, which it estimated to be $250 million a year in synergies.

Write to Robb M. Stewart at robb.stewart@wsj.com

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