Ritchie Activist Says It’s Failed to Block Deal; IAA Jumps
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Shares of IAA Inc. soared more than 10% after an investment fund said Ritchie Bros Auctioneers Inc. likely has enough votes to secure approval for its takeover of IAA.
New York-based Luxor Capital Group, a Ritchie shareholder that has been campaigning against the $6 billion cash-and-stock deal, said a preliminary tally by its proxy solicitor shows that 46% of votes have been cast against the transaction.