Ritchie Bros. plunges 20% on IAA purchase, deal called a 'head-scratcher'

Nov. 07, 2022 1:01 PM ETRitchie Bros. Auctioneers Incorporated (RBA), RBA:CABy: Joshua Fineman, SA News Editor

Parked Cars

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Ritchie Bros. (NYSE:RBA) plunged 20% after it announced a deal to buy auto salvage company IAA Inc. (NYSE:IAA) in a cash and stock deal valued at $7.3 billion. IAA fell 3.5%.

"Our initial take is that the deal is a

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