IAA sinks after ISS, Glass Lewis recommend against Ritchie Bros buyout deal

RB Global

06/03/2023 15:34

** Shares of U.S. auto retailer IAA Inc  IAA.N  fall as much
as 8.8% to over a two-month low of $37.55
    **  Proxy advisory firms Institutional Shareholder Services
and Glass Lewis ask shareholders to reject Ritchie Brothers
Auctioneers Inc's  RBA.TO  planned $7 bln buyout of co
    ** Glass Lewis's cites "excessive execution risk" and
"procedural concerns" as reasons to vote RBA deal to acquire IAA
    ** ISS points to a drop in the stock price after the
announcement of the deal and a lag in RBA's performance as
reasons for concern
    ** RBA shareholders are set to vote on March 14 on whether
to approve the proposed deal
    ** Including current session's moves, the stock has fallen
5.8% YTD

 (Reporting by Raechel Thankam Job)
 ((RaechelThankam.Job@thomsonreuters.com;))