Ritchie Bros. Discontinues UK Acquisition.
MANews-(C)2009-2022
Canada-based asset management, disposition, and services company Ritchie Bros. Auctioneers' (NYSE: RBA) and (TSX: RBA) Ritchie Bros. UK Holdings Ltd. subsidiary is discontinuing the Phase 2 review by the UK Competition and Markets Authority, the company said.
A sale and purchase agreement dated August 9, 2021 under which the RB Purchaser had agreed to purchase Euro Auctions Ltd., William Keys and Sons Holdings Ltd., Equipment and Plant Services Ltd and Equipment Sales Ltd. will automatically terminate on June 28, 2022.
The decision follows the referral of the proposed acquisition to a Phase 2 review by the CMA.
Amongst other things, completion of the agreement is conditional on receipt of clearance from the CMA on terms satisfactory to the RB Purchaser, but after extensive consideration the RB Purchaser does not believe there is any realistic prospect for approval by the CMA on such terms given...
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