A large investor in Ritchie Bros. is backing the Canadian auction company’s proposed takeover of IAA, giving a boost to a deal that’s been opposed by other shareholders.
A large investor in Ritchie Bros. Auctioneers Inc. is backing the Canadian auction company’s proposed takeover of IAA Inc., giving a boost to a deal that’s been opposed by other shareholders.
IAA jumped after Bloomberg reported IFP’s decision to support the deal, paring losses to trade down 0.3 per cent at US$41.11 as of 2:09 p.m. in New York. Ritchie was up 1.2 per cent. Eagle Asset Management Inc. also plans to vote in favor of the deal, portfolio manager Eric Mintz said in an interview. Funds managed by Eagle hold more than 2 million Ritchie shares, according to Mintz, who said Ritchie Chief Executive Officer Ann Fandozzi has made a strong case for the financial benefits of combining the two companies.
Ritchie’s deal has met resistance from investors because it’s a strategic departure for the company, which auctions industrial equipment. IAA is in the used-car auction and salvage business.
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