In a letter to the Ritchie Bros. board,
The firm, which is an investment adviser to clients and funds that hold Ritchie Bros. shares, says IAA's business has been losing market share over the last several years and may be structurally disadvantaged compared to its main competitor, Copart.
The letter Monday comes after investment firm
Ritchie Bros. is offering
Ritchie Bros. says many of its shareholders support the deal and it will continue to engage with Janus.
The deal, which has been approved by the boards of both companies, still requires approval by the shareholders of Ritchie Bros. and IAA.
This report by The Canadian Press was first published
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