Elliott Management has developed a 100-day plan for Iron Mountain to continue to assess how the company might be converted into a REIT. Valuation of Iron Mountain's stock as a multiple of earnings before interest, taxes, depreciation and amortization has plummeted to an all-time low, Elliott said, and delays of the possible conversion of Iron Mountain to a trust are costing shareholders money. Elliott says Iron Mountain's share price could rise to between $52 and $77 if the data-storage company decides to pursue optimization measures and the REIT conversion.

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