Latham & Watkins Provided Legal Guidance to IAA on Shareholder Activism Defence Related to Ritchie Bros. Merger

Latham & Watkins Provided Legal Guidance to IAA on Shareholder Activism Defence Related to Ritchie Bros. Merger

IAA, Inc. has made an announcement that the merger agreement, which was earlier declared, has been accepted by its stockholders at the special meeting. This agreement involves its acquisition by Ritchie Bros. Auctioneers incorporated through a combination of stock and cash.

Furthermore, at a separate special meeting of shareholders, Ritchie Bros. shareholders have also voted in favour of all necessary proposals to finalise the transaction, as per the preliminary vote count. As a result, all the regulatory and stockholder approvals required to complete the transaction have been secured.

The US-based multinational law firm Latham & Watkins LLP provided legal representation to IAA, a leading global digital marketplace connecting vehicle buyers and sellers, and Ritchie Bros. with the merger agreement on shareholder activism defence matters.

This included the cooperation agreement with Ancora, an IAA shareholder, as well as opposition from Discerene Group LP.

The team at Latham, led by Christopher Drewry, Global Co-Chair of the Shareholder Activism & Takeover Defence Practice, and Bradley Faris, both partners based in Chicago, comprised associates Lucy Chauvin, Kennedy Holmes, and David Stepovich.

In addition, advice on securities matters was provided by Michele Anderson, a partner based in Washington D.C., and Scott Westhoff, a partner based in Chicago, with support from associate KC Sands.