The Canadian PressVANCOUVER – Shares in Ritchie Bros. Auctioneers Inc. plunged nearly 20 per cent after it announced a deal Monday to acquire U.S. company IAA Inc. in a transaction it valued at about US$7.3 billion including the assumption of US$1.0 billion of net debt.
Under the terms of the agreement, IAA shareholders will receive US$10 in cash and 0.5804 of a Ritchie Bros. common share for each share of IAA they own. The deal will see IAA CEO and president John Kett and three other current members of the IAA board join the Ritchie Bros. board once the transaction is complete, while Ritchie Bros. chairman Erik Olsson will remain chairman.
Source: News Formal (newsformal.com)
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