IAA stockholders approve the merger agreement with Ritchie Bros.
IAA stockholders approve the merger agreement with Ritchie Bros.
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By Davit Kirakosyan
IAA (NYSE:IAA) announced that its stockholders have adopted the previously announced merger agreement to be acquired by Ritchie Bros. (NYSE:RBA) at the Special Meeting of IAA Stockholders held earlier today.
In a separate special meeting of shareholders held earlier today, Ritchie Bros. shareholders approved all necessary proposals to finalize the transaction.
Accordingly, all stockholder and regulatory approvals required to consummate the transaction have now been obtained.
Under the terms of the merger agreement, IAA shareholders will receive $12.80 in cash plus 0.5252 common shares of Ritchie Bros. per IAA common stock they possess. Upon completion of the transaction, the parties expect that on a fully diluted basis IAA stockholders will own approximately 37.2% of the combined company and Ritchie Bros. shareholders will own approximately 62.8%.
