Insurance Auto Auctions plans tender offer for 11% notes

By Angela McDaniels

Seattle, Dec. 29 - Insurance Auto Auctions, Inc. plans to hold a tender offer for its 11% senior notes due 2013 in connection with the planned combination of its operations with Adesa, Inc., according to a company news release.

Adesa has entered into a definitive merger agreement to be acquired by a group of private equity funds that includes Kelso & Co., the owner of Insurance Auto Auctions. Under the combination, Insurance Auto Auctions will be contributed to the surviving corporation simultaneously with the closing of the acquisition of Adesa.

The acquisition is subject to approval by Adesa shareholders and the satisfaction of other customary closing conditions.

Insurance Auto is based in Westchester, Ill., and provides automotive total loss and specialty salvage services.

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