Two influential proxy advisory firms said shareholders of Ritchie Bros Auctioneers Inc. should vote against a takeover of IAA Inc., dealing a huge blow to the US$6 billion deal.
Ritchie’s “strong standalone prospects, proven over a period of time through robust performance, offer a better understood and verified path to shareholder value creation,” proxy adviser Institutional Shareholder Services Inc. said in a note opposing the deal. Glass Lewis & Co. also said investors should turn down the cash-and-stock transaction, which goes to a vote on March 14.
Ritchie, a Canadian firm that sells heavy equipment at auctions around North America, announced its bid in November to buy IAA, which sells damaged and written-off vehicles. The deal has been controversial from the start, with some Ritchie shareholders saying the company is making a mistake by diversifying into the auto-salvage business.
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