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Ritchie Shareholder Deep Field Asset Opposes IAA Deal

  • Investor says Ritchie agreed to deal that doesn’t make sense
  • Ritchie says revised deal saves its shareholders $115 million
Hydraulic excavators on display before a Ritchie Bros. industrial equipment auction in Dunnigan, California in May 2010.

Hydraulic excavators on display before a Ritchie Bros. industrial equipment auction in Dunnigan, California in May 2010.

Photographer: Ken James/Bloomberg

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A small shareholder has come out against Ritchie Bros. Auctioneers Inc.’s acquisition of IAA Inc., opposing a merger that’s received support by the activist Starboard Value LP

Jordan Moelis, managing partner of Deep Field Asset Management LLC, said Ritchie paid an “extraordinary price” to get the backing of Starboard for the proposed deal and shareholders should reject it.