IAA shareholders approve merger agreement with Ritchie Bros.

IAA (IAA) announced that its stockholders adopted the previously announced merger agreement providing for the stock and cash acquisition of the company by Ritchie Bros. Auctioneers (RBA) at a special meeting held earlier today. In a separate special meeting of shareholders held earlier today, 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 to consummate the transaction 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 and Ritchie Bros. shareholders will own approximately 62.8%.