IAA’s Amended Merger Agreement With Ritchie Bros., Cooperation Agreement With Ancora

Ritchie Bros. concurrently secures $500 million investment from Starboard Value

New York – January 24, 2023 – Cooley advised Insurance Auto Auctions (IAA), a global digital marketplace connecting vehicle buyers and sellers, on an amendment to its previously announced merger agreement with Ritchie Bros., which provides for the stock and cash acquisition of IAA by Ritchie Bros. In connection with the amended merger agreement, Ancora has entered into a mutual cooperation agreement with IAA and, under the terms, has agreed to vote its shares, representing approximately 4% of IAA’s voting power, in favor of the transaction. Cooley also advised IAA on Ritchie Bros.’ concurrent $500 million investment from Starboard Value. Partners Jamie Leigh, John-Paul Motley, Ian Nussbaum, Bill Roegge and Logan Tiari led the Cooley teams.

The amended merger agreement will enhance value for Ritchie Bros.’ shareholders while increasing cash consideration for IAA shareholders. Ancora, a top shareholder of IAA, and Starboard Value, a new investor in Ritchie Bros., support the agreement. The combined company expects to capitalize on significant earnings potential, leverage the combined yard footprint to accelerate growth and continue to strengthen Ritchie Bros.’ core business as it integrates IAA.

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Related Contacts
Jamie Leigh  Partner San Francisco
John-Paul Motley  Partner in Charge, Los Angeles – Downtown Los Angeles – Downtown, Los Angeles – Santa Monica
Bill Roegge  Partner New York
Logan Tiari  Partner Los Angeles – Downtown, Los Angeles – Santa Monica
Megan Browdie  Partner Washington, DC
Patrick Flanagan  Partner New York
David Fletcher  Partner Washington, DC
Kristine Forderer  Partner San Francisco
Kathleen Goodhart  Partner San Francisco
TJ Graham  Partner Palo Alto
Christopher Kimball  Partner Washington, DC
Eileen Marshall  Partner Washington, DC, Palo Alto
Barbara Mirza  Partner Los Angeles – Santa Monica, Los Angeles – Downtown
Howard Morse  Partner Washington, DC
John Paul Oleksiuk  Partner New York, Los Angeles – Santa Monica
Timothy Shapiro  Partner Palo Alto
Ryan Vann  Partner Chicago
Annie Froehlich  Special Counsel Washington, DC
Christine Graham  Special Counsel London, Brussels
David Hopkins  Special Counsel Colorado
Shannon MacMichael  Special Counsel Washington, DC
Miriam Petrillo  Special Counsel Chicago
Stella Sarma  Special Counsel Brussels, London
Julia R. Brinton  Associate Washington, DC
Umer Chaudhry  Associate Washington, DC
Maria Jose Cordero  Associate Palo Alto
Carly E. Gibbons  Associate Chicago
Savannah Harms  Associate New York
Moussa O. Ismail  Associate Reston
Kristopher Kleiner  Special Counsel Colorado
Allison Kutner  Associate New York
Maya Rahwanji   Associate New York
Kevin Rivers  Associate Palo Alto
Heather H. Sanborn  Associate Chicago
Loriane Sangaré-Vayssac  Associate Brussels
Katie Schmidt  Associate Los Angeles – Downtown, Los Angeles – Santa Monica
Grant Schweikert  Special Counsel Washington, DC
Genevieve Lim Urban  Associate Seattle
Casey Warsh  Associate Colorado
Michelle Zhou  Associate Palo Alto