Two investors in Ritchie Bros. Auctioneers Inc. are ratcheting up the battle over the industrial giant’s proposed takeover of IAA Inc.
Fred DiSanto, CEO of Ancora Group, spoke to BNN Bloomberg on Wednesday about his company’s support for Richie Bros plan to buy auto-salvage company IAA. During the interview, he took aim at fellow shareholder Luxor Capital Group, which has come out against the looming transaction and launched a proxy battle to oppose it.“We have always thought IAA is a good business, but it needed a good strategic partner, which we think Ritchie Brothers is ….
Ritchie Bros. first proposed a US$6-billion cash-and-stock offer for IAA last November, and then put forward anIt is now offering IAA shareholders $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own, adjusted from the older offer of US$10 per share in cash and 0.5804 Ritchie Bros. shares for each IAA share.
In a statement to BNN Bloomberg, Luxor characterized the comments from Ritchie Bros and Ancora as “attacks” that “reek of desperation.” “Not only are Ancora’s inferences completely false and lacking any basis, but they show just how desperate Ancora and Ritchie Brothers are to provide cover for a deeply flawed and value destructive transaction,” the company said in an emailed statement.
“As we previously stated in our letter to shareholders, Luxor is not short IAA, nor do we have any agreements, contracts, or other means of expressing that position. Luxor is just one of the many Ritchie Bros shareholders who have spoken out publicly against the merger with IAA.”Related
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