IAA ‘disappointed’ with Glass Lewis,’ ISS’ recommendations for Ritchie Bros.

IAA (IAA) announced that proxy advisory firms Glass, Lewis & Co. and Institutional Shareholder Services recommend that IAA stockholders vote to adopt the merger agreement and thereby approve Ritchie Bros. (RBA) proposed acquisition of IAA at the company’s upcoming Special Meeting of Stockholders on March 14th. Stockholders of record as of the close of business on January 25 will be entitled to vote at the Special Meeting. The positive recommendations from Glass Lewis and ISS build on the support received from IAA’s stockholders for the transaction with Ritchie Bros. "We are disappointed with Glass Lewis’ and ISS’ recommendations for Ritchie Bros., which disregard the significant benefits this transaction will bring to all stockholders. We continue to believe that combining Ritchie Bros.’ and IAA’s marketplace capabilities will create a unique value proposition with significantly increased earnings power and stockholder value creation relative to either company’s standalone prospects."