Ancora Issues Statement Regarding Shareholders’ Approval of the IAA and Ritchie Bros. Combination

Rhea-AI Summary

Ancora Holdings Group, owning approximately 4% of IAA, Inc. (NYSE: IAA) and 0.5% of Ritchie Bros. Auctioneers (NYSE: RBA), has praised the approval of the merger between IAA and Ritchie Bros. The combination is expected to create a major player in the industry, enhancing long-term value for shareholders. Ancora's CEO Fredrick D. DiSanto and President James Chadwick expressed confidence in IAA's management team, led by Ann Fandozzi, and the addition of director designee Tim O'Day to the board, which is anticipated to bring significant expertise to the newly formed entity.

Positive

• Approval of IAA and Ritchie Bros. merger which will create a dominant industry player.
• Potential for long-term value creation for shareholders.
• Confidence in IAA's management team, specifically CEO Ann Fandozzi.
• Tim O'Day appointed to the new board, expected to add significant expertise.

Negative

• None.

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

FAQ

What companies are involved in the Ancora Holdings Group merger announcement?

The merger announcement involves IAA, Inc. (NYSE: IAA) and Ritchie Bros. Auctioneers (NYSE: RBA).

What is Ancora Holdings Group's stake in IAA and RBA?

Ancora Holdings owns approximately 4% of IAA and 0.5% of Ritchie Bros.

Who is the CEO of IAA mentioned in the press release?

The press release mentions Ann Fandozzi as the CEO of IAA.

What are the expected benefits of the IAA and RBA merger?

The merger is expected to create a dominant player in the industry and enhance long-term value creation.

When was the merger between IAA and Ritchie Bros. approved?

The approval date of the merger was not specified in the press release.