In its assessment, the firm says the advantages of the deal outweigh the benefits of remaining as a stand-alone company and that the merger sets a realistic approach to shareholder value creation and maximization in the long-run.
The recommendation comes ahead of shareholder votes at Ritchie Bros. and IAA set for
Several Ritchie Bros. shareholders have expressed concerns about the deal and announced plans to vote against the agreement which requires approval by shareholders of both companies.
The
Ritchie Bros. has said the transaction is expected to unlock "substantial additional value" that neither company could achieve on its own.
This report by The Canadian Press was first published
Companies in this story: (TSX:RBA)
© 2023 The Canadian Press. All rights reserved., source