Majority of shareholders approve of acquisition following proxy fight. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) and IAA, Inc. (NYSE:IAA) announced that shareholders approved the previously announced amended merger agreement between the two companies. Based on the preliminary vote count provided by its proxy solicitors following the company’s Special Meeting of Shareholders held yesterday, Ritchie Bros. […]
Ritchie Bros. Thanks Shareholders for Support of IAA Acquisition
Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) on March 3 issued the following statement regarding the support it is receiving from many shareholders, including among the Company’s largest shareholders, as well as industry analysts on its acquisition of IAA, Inc. (NYSE:IAA): Vontobel Asset Management, which owns 2.15% of Ritchie Bros. shares, has joined many other Ritchie […]
Ritchie Bros. and IAA Announce Amended Merger Agreement
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 […]
Ritchie Bros. and IAA Receive Regulatory Clearances for Proposed Merger
Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSE: RBA) and IAA, Inc. (NYSE: IAA), announced December 20 the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of a no-action letter from the Canadian Commissioner of Competition with respect to the pending acquisition of IAA by Ritchie Bros. The […]
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, […]
Ritchie Bros to Acquire IAA
Acquisition combines complementary businesses with vision to create a next-generation global marketplace for commercial assets and vehicles. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE: RBA) and IAA, Inc. (NYSE: IAA), announced an agreement for Ritchie Bros. to acquire IAA in a stock and cash transaction valued at approximately $7.3 billion including the assumption of $1.0 billion […]