By Canadian Press

Ritchie Bros. shareholders approve acquisition of IAA Inc. at special meeting

Mar 14, 2023 | 9:06 AM

VANCOUVER — Ritchie Bros. Auctioneers Inc. says its shareholders approved the company’s deal to buy U.S. automotive salvage company IAA Inc. at a meeting Tuesday that caps months of criticism since the acquisition was announced in November.

Several Ritchie Bros. shareholders had expressed concerns about the deal and had made it clear they planned to vote against it.

Shareholder advisory firms Glass Lewis and Institutional Shareholder Services had both recommended shareholders vote against the deal, while Egan-Jones recommended they vote yes. 

Investment firms Luxor Capital Group LP and Janus Investment Investors both also voiced their opposition to the deal

Janus said it believed the deal would introduce an unnecessary level of risk to Ritchie Bros. shareholders. 

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The Vancouver-based company offered US$12.80 per share in cash and 52.52 per cent of a Ritchie Bros. for each IAA share, and planned to pay a special one-time dividend of US$1.08 to its own shareholders if the deal passed. 

The results are preliminary and the specific results have not been released.

This report by The Canadian Press was first published March 14, 2023.

Companies in this story: (TSX:RBA)

The Canadian Press