According to a news release this week, Brodsky & Smith reminds investors of the investigations, which includes the merger agreement between IAA and Ritchie Bros.
‘Under the terms of the Merger Agreement, IAA will be acquired by Ritchie Bros.
Auctioneers Incorporated (“Ritchie Bros.”) (NYSE – RBA). Ritchie Bros. will pay $10.00 in cash and 0.5804 shares of Ritchie Bros. common stock (representing $46.88 per share) for each share of IAA common stock in a deal valued at approximately $7.3 billion. The investigation concerns whether the IAA Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Ritchie Bros.is paying too little for the Company. For example, the deal consideration is below the 52-week high of $55.01 for the Company’s shares.
Additional information can be found at www.brodskysmith.com/cases/iaa-inc-nyse-iaa.
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