On January 30, 2023, Janus Henderson Investors US LLC announced that it has publicly come out against Ritchie Bros. Auctioneers Incorporated's planned acquisition of IAA Inc. Janus Henderson stated that the Company has sweetened the cash component of its buyout offer for IAA by 28%, valuing IAA at $5.94 billion, and also secured the backing of a key IAA shareholder that had questioned the initial offer. Janus Henderson stated in a letter to the Company's Board of Directors included in a securities filing that it has significant misgivings about the strategic and financial rationale for this deal, and thinks the structure and timing are concerning.

Janus Henderson added that it intends to vote against the transaction.