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Proxy advisors urging shareholders to reject Ritchie Bros’ IAA bid, Reuters says

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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