Ritchie Bros. Auctioneers's effort to buy IAA has stirred up a lot of shareholder controversy and one analyst says he can see why.
Ritchie Bros. Auctioneers Inc.'s effort to buy IAA Inc. has stirred up a lot of shareholder controversy and one analyst says he can see why.The industrial giant's move to buy IAA, an automotive salvage, was made in hopes of growing its market share within the industry and expanding its presence at auction sites, among other factors,Ritchie Bros.
by putting forward a proposal with a slightly lower cash value and a special one-time dividend to its shareholders. The company 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. Previously it had offered US$10 per share in cash and 0.5804 Ritchie Bros. shares for each IAA share, marking a shift in the cash-stock ratio of the deal.
Sytchev noted that Ritchie Bros. attempt to grow IAA’s market share appears to be somewhat unrealistic as the company is already trailing far behind one if its main competitors. Sytchev and family members do not own shares of Ritchie Bros. His firm and investment banking clients do. He also spoke to the challenges facing Ritchie Bros. and the investments needed should they close this deal.
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