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      "text": "Luxor, which appears to be masquerading as an activist, seems to be misaligned and misinformed",
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      "text": "Luxor's stated focus on the “Best Interest of Shareholders” appears insincere. Ancora questions whether Luxor is shorting IAA to benefit from IAA share declines if the merger fails. Luxor's campaign is grounded in flawed analysis and irrelevant arguments and demonstrates a fundamental misunderstanding of IAA and the broader sector. Analysis appears to demonstrate a lack of effective diligence by Luxor and woefully overlooks the unintended consequences of killing a deal that could destabilize the remaining company's leadership team.",
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      "text": "Revised terms provide increased cash considerations for IAA shareholders, less dilution for RBA shareholders and increases the likelihood of a successful closing. Improved governance with the appointment of seasoned industry veteran Timothy O'Day and experienced investor Jeffrey Smith from Starboard. Combined company's management and Board of Directors (the “Board”) will have the necessary experience, skillsets and backgrounds to oversee integration efforts and drive synergy realizations for investors.",
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