IAA Stockholders Adopt Merger Agreement

By Staff Writer March 16, 2023

Stockholders at IAA Inc. have adopted the previously announced merger agreement providing for the stock and cash acquisition of the company by Ritchie Bros. Auctioneers Inc.

In a separate special meeting of shareholders held earlier today, based on a preliminary vote count, Ritchie Bros. shareholders also voted to approve all proposals necessary to consummate the transaction.

“We are pleased that IAA and Ritchie Bros. stockholders support the combination of our two strong companies,” said John P. Larson, chair of the IAA Board of Directors. “This transaction will combine the best-of-the-best marketplace capabilities to deliver more value for customers, expanded opportunities for employees, and a stronger economic model with enhanced returns for stockholders.”

Under the terms of the merger agreement, IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. Upon completion of the transaction, the parties expect that on a fully diluted basis IAA stockholders will own approximately 37.2% of the combined company and Ritchie Bros. shareholders will own approximately 62.8%.

Final voting results for the IAA and Ritchie Bros. special meetings will be disclosed on Form 8-Ks filed by the companies with the U.S. Securities and Exchange Commission.

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Last modified on Tuesday, 21 March 2023 11:17