Amended agreement was unanimously approved by both boards and is supported by Ancora Holdings. Starboard Value is making a $500 million strategic investment. Boyd Group’s Tim O’Day expected to be appointed to Ritchie Board of Directors upon closing of transaction. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSX:RBA) and IAA, Inc. (NYSE: IAA) today announced that they […]
Ancora Opposes IAA Sale to Ritchie Bros.
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, […]
Investor Calls for Leadership Change at IAA, Inc.
Ancora letter to IAA’s Board of Directors asserts new senior leadership is needed for the company to grow or the company should be sold. Ancora Holdings Group, LLC that together with affiliates owns approximately 2% of IAA, Inc. (NYSE: IAA) outstanding common stock has called for new leadership at the auction firm, or failing that, […]