Deals
IAA Shareholder Ancora Opposes Ritchie Bros. Deal
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A top shareholder in IAA Inc. plans to vote against a takeover by Ritchie Bros. Auctioneers Inc., arguing the process that led to the sale of the auto salvage and parts auction company was flawed and structured in a way to benefit management at the expense of shareholders.
Ancora Holdings Group, which owns 4% of IAA, said in a letter to the company’s board Monday that it believed Ritchie Bros. was a logical buyer and that it had great admiration for its management under Chief Executive Officer Ann Fandozzi.