Ancora Holdings Group, LLC, that owns approximately 4% of the outstanding shares of IAA, Inc. (NYSE:IAA) yesterday released a letter to the IAA Board of Directors stating it opposes the proposed sale to Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSE: RBA) that was announced last week.
“We have had long-standing concerns regarding IAA’s capital allocation, governance, operations and performance. That is why we previously called on the Board to either replace Chief Executive Officer John Kett or proceed with a formal sale process to maximize value for shareholders. Unfortunately, the Board appears to have ignored both requests prior to entering
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.