Proxy advisor ISS recommends shareholders vote against Ritchie Bros deal to acquire IAA

RB Global

06/03/2023 14:09

NEW YORK, March 6 (Reuters) - Proxy advisory firm
Institutional Shareholder Services recommends shareholders vote
against a planned takeover by  Ritchie Brothers Auctioneers, Inc
 RBA.TO  of U.S. auto retailer IAA Inc  IAA.N .
    "The potential risks associated with this transaction appear
to outweigh the potential upside articulated by the board," the
report, seen by Reuters, said. Rival proxy advisor Glass Lewis
also recommended that shareholders reject the deal.
    The recommendation comes before investors vote on March 14
on whether to approve the proposed roughly $7 billion deal.

 (Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))