Proxy advisory companies Institutional Shareholder Services and Glass Lewis on Monday recommended that shareholders reject Ritchie Brothers’ (RBA) planned $7 billion acquisition of U.S. auto retailer IAA (IAA), Reuters’ Svea Herbst-Bayliss report. As investors often follow recommendations from the proxy firms, the move deals a blow to one of the year’s most widely watched takeover deals, which was first announced in November, the author notes. Shares of IAA have dropped almost 9% to $37.68 in Monday morning trading. Reference Link
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Published first on TheFly
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