Luxor Comments on Preliminary Ritchie Bros Merger Vote
03/10/2023 - 12:50 PM
Preliminary results show that ~46% of RBA votes cast AGAINST merger with IAA
Luxor thanks Ritchie Bros . shareholders for acting as engaged fellow owners
NEW YORK --(BUSINESS WIRE)--
Luxor Capital Group, LP (“Luxor”), as the manager of funds owning 4.7 million shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (“RBA” or the “Company”), representing approximately 4.2% of the Company’s outstanding shares, today announced that preliminary results, as of the proxy deadline and tabulated by Luxor’s proxy solicitor, show that approximately 43 million shares or 46% of votes cast, voted to defeat the proposed merger with IAA, Inc. (NYSE: IAA) (the “IAA Merger”), in connection with the March 14, 2023 special meeting of shareholders.
"Despite our best efforts on behalf of all shareholders, and our disappointment in the outcome, we wish the Company well with its integration of IAA. Luxor would like to thank Ritchie Bros. shareholders for supporting our fact-based campaign, and exercising their responsibilities as engaged fellow owners. We would also like to thank both ISS and Glass Lewis for their comprehensive analysis,” said Doug Snyder , President of Luxor.
About Luxor Capital Group, LP :
Luxor Capital Group, LP is a multi-billion-dollar investment manager, which was founded in 2002 and is based in New York . It makes investments through its fundamental, long-term oriented investment process. The firm has an extensive history of investing in global marketplaces businesses.
Luxor Capital Group, LP , LCG Holdings, LLC , Lugard Road Capital GP, LLC , Luxor Capital Partners Offshore Master Fund, LP , Luxor Capital Partners Long Offshore Master Fund, LP , Luxor Capital Partners, LP , Lugard Road Capital Master Fund, LP , Luxor Management, LLC , Christian Leone , and Jonathan Green (collectively, the “Participants”) have filed a definitive proxy statement and accompanying GREEN proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies in connection with a special meeting (the “Special Meeting”) of the shareholders of Ritchie Bros. Auctioneers Incorporated , a company organized under the federal laws of Canada (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants, as they contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying GREEN proxy card will be furnished to some or all of the Company’s shareholders and will be, along with other relevant documents, available at no charge from the Participants’ proxy solicitors, Okapi Partners LLC by phone at (877) 629-6356 (Toll Free) or by email to info@okapipartners.com , or to Shorecrest Group by phone at (888) 637-5789 (Toll Free) or by email at contact@shorecrestgroup.com . Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement filed by the Participants with the SEC on February 13, 2023 . This document is available free of charge on the SEC website.
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Investor Contacts
Douglas Friedman
Luxor Capital Group, LP
RBA@luxorcap.com
Mark Harnett & Bruce Goldfarb
Okapi Partners LLC
(212) 297-0720
Info@okapipartners.com
Media
Dan Gagnier & Riyaz Lalani
Gagnier Communications
(646) 342-8087
luxor@gagnierfc.com
Source: Luxor Capital Group
IAA Rankings
N/A Ranked by Stock Gains
IAA Stock Data
Industry
General Warehousing and Storage
Sector
Transportation and Warehousing
Tags
Retail Trade, Specialty Stores, Transportation and Warehousing, General Warehousing and Storage
Country
US
City
Westchester
About IAA
IAA, Inc. is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA's unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,000 employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base - located throughout over 170 countries - and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.