Brief: Long-Term IAA Inc Shareholder Discerene Group Sends Letter To IAA Board Regarding Proposed Merger With Ritchie Bros. Auctioneers

RB Global

15/02/2023 14:26

Feb 15 (Reuters) - Ritchie Bros Auctioneers Inc
 RBA.TO :
    * LONG-TERM IAA INC SHAREHOLDER DISCERENE GROUP SENDS LETTER
TO
IAA BOARD REGARDING PROPOSED MERGER WITH RITCHIE BROS.
AUCTIONEERS
    * DISCERENE GROUP LP - INTENTION TO VOTE AGAINST IAA'S
PROPOSED
REVISED TRANSACTION WITH RITCHIE BROS. AUCTIONEERS
    * DISCERENE GROUP LP - OWNS ABOUT 3.6% OF OUTSTANDING SHARES
OF
IAA, INC
    * DISCERENE GROUP - TIMING OF SALE WAS "OPPORTUNISTIC" FOR
RITCHIE
BROS. GIVEN "TEMPORARY SHORT-TERM PRESSURES AT IAA"
    * DISCERENE GROUP LP - BELIEVE IAA HAS STRONG PROSPECTS AS
AN
INDEPENDENT CO, IAA MANAGEMENT NEEDS TIME TO EXECUTE ON ITS
OPERATIONAL-IMPROVEMENT PLAN
    * DISCERENE - IAA'S VOLUME LOSS AT MAJOR CUSTOMER WHICH LED
TO
STOCK-PRICE DROP IN FEB 2022 WAS "ISOLATED MATTER" & DOES NOT
REFLECT STRUCTURAL WEAKNESS

Source text for Eikon:  ID:nBw198pWca 
Further company coverage:  RBA.TO 
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