IAA downgraded to Underperform from Outperform at Barrington

Barrington analyst Gary Prestopino downgraded IAA (IAA) to Underperform from Outperform after the company announced that it has agreed to be acquired by Ritchie Bros. (RBA) in a stock and cash transaction valued at approximately $7.3B, including the assumption of $1B of net debt. The combination of cash and stock equates to a purchase price of $46.88 as IAA stockholders will receive $10.00 in cash and 0.5804 shares of Ritchie Bros. common stock for each share of IAA, noted Prestopino.