Proxy advisory firms Institutional Shareholder Services and Glass Lewis on Monday recommended that shareholders reject Ritchie Brothers Auctioneers Inc's planned $7 billion acquisition of U.S. auto retailer IAA Inc .
Ritchie Bros. said it "strongly disagree" with the recommendations and urged shareholders to support the deal.
"The IAA transaction is expected to unlock substantial additional value that neither Ritchie Bros. nor IAA could achieve on its own, and we are confident in our ability to realize it," Ritchie Bros. said in a statement. The statement also said that Ritchie Bros. is committed to act in the best interest of all Ritchie Bros. shareholders and build long-term value and drive superior shareholder returns.
In January, Ritchie Bros. received a $500 million investment from activist investor Starboard Value that allowed it to revise the deal terms and win critical support from investor Ancora Group Holdings, which had previously opposed the deal.
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