Ritchie Bros. Auctioneers announced that shareholders have voted to approve its proposed acquisition of IAA at a special meeting held Tuesday.

The news confirms an earlier statement from activist Luxor Capital, which opposed the deal, that around 54% of voted shares were in favor of the deal. A Wednesday regulatory filing reveals that about 85% of Ritchie Bros. share capital participated in the vote. The deal enjoyed a wider majority at IAA, where about 82% of the shares cast were for the combination.

“We thank our shareholders for their confidence in the Ritchie Bros. team, our strategy and the significant value creation potential we can unlock through the Ritchie Bros. + IAA combination,” said Ann Fandozzi, CEO of Ritchie Bros., in a statement.

“We greatly value the varied perspectives that have been shared and the engagement we have had with our shareholders since announcing the IAA transaction,” continued Fandozzi.

Approval of the merger comes despite a last minute appeal by Ritchie Bros. co-founder David Ritchie for investors who voted for the merger, which he warned will negatively impact the culture of the company.

Luxor Capital began agitating against the deal in December, arguing the acquisition of U.S. salvage vehicle auction company IAA, which the activist called a “distinctly inferior” business to the Canadian equipment marketplace.

Proxy advisors ISS and Glass Lewis both recommended shareholders vote against the deal.

Yet the deal also had activist supporters. Ancora Advisors, with a 0.5% stake in Ritchie Bros. and 4% in IAA, described Luxor and two other firms pushing against the merger as a ‘‘misaligned wolf pack.’’

Ritchie Bros. shares were down slightly at $53.50 apiece in morning trade Wednesday.