IAA stockholders approve merger

WESTCHESTER - IAA Inc. Tuesday said its stockholders have adopted the previously announced merger agreement providing for the acquisition of the company by Ritchie Bros. Auctioneers Inc.

IAA is a global digital marketplace connecting vehicle buyers and sellers, with a platform that facilitates the marketing and sale of total-loss, damaged and low-value vehicles. IAA has nearly 4,500 employees and more than 210 facilities throughout the U.S., Canada and the United Kingdom.

In a separate special meeting of shareholders Tuesday, based on a preliminary vote count, Ritchie Bros. shareholders also voted to approve all proposals necessary to consummate the transaction. Accordingly, all stockholder and regulatory approvals required for the sale have now been obtained.

Under the terms of the merger agreement, IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. 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.

"We are pleased that IAA and Ritchie Bros. stockholders support the combination of our two strong companies," said John P. Larson, chair of the IAA board of directors. "This transaction will combine the best-of-the-best marketplace capabilities to deliver more value for customers, expanded opportunities for employees, and a stronger economic model with enhanced returns for stockholders."