The vote capped months of criticism since the acquisition was announced in November.
Shareholders of
Shares in Ritchie Bros., an auction company based in
Ritchie Bros. CEO
Several Ritchie Bros. shareholders had expressed concerns about the deal and had made it clear they planned to vote against it.
Shareholder advisory firms Glass Lewis and
In its report,
IAA is a digital marketplace that connects vehicle buyers and sellers.
The merger would support the company in relocating its headquarters to the
ISS in its report noted that the acquisition was "one of the rare deals drawing opposition from shareholders of both the seller and the buyer" — that is, until the deal was revised, increasing the cash component of the deal and decreasing the equity exchange ratio.
After the revision, the situation became more polarizing, said ISS.
"This transaction has incited an unusually high number of public expressions of support and opposition, resulting in a heated, highly contentious, and occasionally personal, public debate not just of its merits, but of the motivations and biases of each involved party," the firm said.
Investment firms
Janus said it believed the deal would introduce an unnecessary level of risk to Ritchie Bros. shareholders.
The company offered
In a press release,
The results are preliminary and the vote breakdown has not been released.
This report by The Canadian Press was first published
Companies in this story: (TSX:RBA)
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