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Stock news
Janus Henderson Investors on Monday became the second investor in Canada's Ritchie Bros Auctioneers to publicly come out against the company's planned acquisition of IAA Inc. But large investors Eagle Asset Management and Independent Franchise Partners, which own 2.92% and 4.75% respectively of Ritchie Bros, helmed by CEO Ann Fandozzi, according to Refinitiv Eikon data and sources plan to vote for the proposed deal. "We're broadly positive on it," said Eric Mintz, managing director of small ca...
TORONTO (Reuters) -Janus Henderson Investors on Monday became the second investor in Canada's Ritchie Bros Auctioneers to publicly come out against the company's planned acquisition of IAA Inc. But large investors Eagle Asset Management and Independent Franchise Partners, which own 2.92% and 4.75% respectively of Ritchie Bros, helmed by CEO Ann Fandozzi, according to Refinitiv Eikon data and sources plan to vote for the proposed deal. "We're broadly positive on it," said Eric Mintz, managing d...
Janus Henderson Investors on Monday became the second investor in Canada's Ritchie Bros Auctioneers to publicly come out against the company's planned acquisition of IAA Inc. Ritchie Bros on Jan. 23 sweetened the cash component of its buyout offer for IAA by 28%, valuing the U.S. auto retailer at $5.94 billion, and also secured the backing of a key IAA shareholder that had questioned the initial offer. The initial offer in November valued IAA at $7.3 billion, including debt.
WESTCHESTER, Ill., January 27, 2023--IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, today announced that it intends to release its financial results for the fourth quarter and full year fiscal 2022 after market close on Tuesday, February 21, 2023.
Perpetual Preferred Security Being Issued Transfers US$145 Million of Value to a Non-Shareholder at the Expense of Existing Common Shareholders Agreement Seeks to Entrench Management and Board NEW YORK, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Luxor Capital Group, LP (“Luxor”), as the manager of funds owning approximately 3.6% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (“RBA” or the “Company”), today commented on RBA’s purported restructuring of RBA’s pro
Shares of IAA rose Monday after Canada's Ritchie Bros. Auctioneers agreed to update the terms of its proposed purchase of the the U.S. auto retailer. IAA stock was recently up 6%, while Ritchie Bros.' shares were up 2%. Read more about [the recut deal here](https://www.wsj.com/articles/ritchie-bros-sweetens-deal-for-iaa-with-starboards-jeff-smith-set-to-join-board-11674449272).
Ritchie Bros. Auctioneers Inc (NYSE: RBA) has changed the terms of its acquisition proposal of IAA Inc (NYSE: IAA), increasing the cash consideration to IAA shareholders. Under the terms of the amended agreement, IAA shareholders 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. The change in consideration mix represents a shift in the cash/stock mix to approximately 29% cash/71% stock from the previous mix of 22% cash/78
(Bloomberg) -- Canadian auction company Ritchie Bros. Auctioneers Inc. will boost the cash portion of its takeover offer for IAA Inc. and accept a $500 million investment from Starboard Value LP to help fund the deal.Most Read from BloombergCitadel’s $16 Billion Win Tops Paulson’s Greatest Trade EverSpotify Will Cut About 6% of Jobs in Latest Tech LayoffsSuspect in Shooting Near Los Angeles Has Killed HimselfEurope Is Bracing for a Sharp, Abrupt Real Estate ReversalPrince Andrew and Virginia Giu
The Canadian company agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA with the backing of activist investor Starboard Value.
The latest cash-and-stock offer at $44.40 per share, will allow Ritchie to tap into a growing market for heavy machinery and equipment, salvaged cars, trucks and motorcycles, as well as auto parts. IAA shares rose 4.9% in morning trade, while Ritchie Bros's Toronto-listed shares were up 3%. The improved offer comes at a time when many companies are reducing costs and initiating layoffs in face of a potential economic downturn.