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Long-term IAA Inc Shareholder Discerene Group Sends Letter to IAA Board of Directors Regarding Proposed Value-destroying Merger With Ritchie Bros. Auctioneers

Proposed Transaction is Based on Flawed Sale Process and Weak Strategic Rationale; Revised Offer is Even Worse for IAA Shareholders Independent IAA Has Significant Upside Potential Discerene Intends to Vote Against