IAA, Inc. (NYSE: IAA) (the Company) has announced that its stockholders have adopted the previously announced merger agreement providing for the stock and cash acquisition of the Company by Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (Ritchie Bros.) at the Special Meeting of IAA Stockholders. In a separate special meeting of shareholders, based on a preliminary vote count, Ritchie Bros. shareholders also voted to approve all proposals necessary to consummate the transaction. Accordingly, all stockholder and regulatory approvals required to consummate the transaction have now been obtained.
Latham & Watkins LLP represented IAA on shareholder activism defense matters in connection with the company’s merger agreement with Ritchie Bros., including on the previously announced cooperation agreement with IAA shareholder Ancora, as well as opposition from Discerene Group LP. The Latham team was led by Chicago partners Christopher Drewry, Global Co-Chair of the firm’s Shareholder Activism & Takeover Defense Practice, and Bradley Faris, with associates Lucy Chauvin, Kennedy Holmes, and David Stepovich. Advice was also provided on securities matters by Washington D.C. partner Michele Anderson and Chicago partner Scott Westhoff, with associate KC Sands.