Ancora Issues Statement Regarding Shareholders’ Approval of the IAA and Ritchie Bros. Combination
03/14/2023 - 05:00 PM
CLEVELAND --(BUSINESS WIRE)--
Ancora Holdings Group, LLC (together with its affiliates, “Ancora”), which is the beneficial owner of approximately 4% of the outstanding shares of IAA, Inc. (NYSE: IAA) (“IAA”) and 0.5% of the outstanding shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (“Ritchie Bros.”), today applauded the approval of the companies’ combination.
Fredrick D. DiSanto , Chairman and Chief Executive Officer of Ancora, and James Chadwick , President of Ancora Alternatives LLC , commented:
“We are very pleased that IAA shareholders and Ritchie Bros. shareholders have approved the revised transaction, which stands to create a dominant player in the industry and a source of long-term value creation. We look forward to supporting Ann Fandozzi and her talented management team as they work to integrate both companies in the coming months. Ann is an exceptional leader that has our full confidence. We also believe our director designee, Tim O’Day, will add significant expertise to the combined entity’s new Board of Directors.”
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States . The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net .
View source version on businesswire.com : https://www.businesswire.com/news/home/20230314005989/en/
Longacre Square Partners
Greg Marose / Charlotte Kiaie , 646-386-0091
ancora@longacresquare.com
Source: Ancora Holdings Group, LLC
IAA Rankings
N/A Ranked by Stock Gains
IAA Stock Data
Industry
General Warehousing and Storage
Sector
Transportation and Warehousing
Tags
Retail Trade, Specialty Stores, Transportation and Warehousing, General Warehousing and Storage
Country
US
City
Westchester
About IAA
IAA, Inc. is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA's unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base - located throughout over 170 countries - and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.
