Canada’s Ritchie Bros Acquires U.S. Auto Retailer IAA for $7 Billion

Canada’s Ritchie Bros Auctioneers Inc said on Monday it had completed the acquisition of U.S. auto retailer IAA Inc, weeks after two proxy advisory firms urged shareholders to reject the $7 billion deal.

The company, which auctions and sells used heavy industrial equipment, last week saw its shareholders vote in favor of the acquisition despite the pushback from Institutional Shareholder Services and Glass Lewis.

The proxy advisory firms on March 6 recommended that shareholders reject the deal due to potential risks including a lag in IAA’s performance and a drop in stock price since the bid was announced in November.

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