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Luxor Capital Group, managing 4.7 million shares of Ritchie Bros. Auctioneers (RBA), urges shareholders to revoke proxies supporting the IAA merger. Co-founders Ritchie and Cmolik warn that the merger could harm RBA’s business, risking customer loss and disrupting corporate culture. The upcoming vote is closely contested, and despite the proxy deadline, shareholders can still change their votes. Luxor emphasizes the importance of stopping the IAA merger to safeguard long-term value. They provide contact information for assistance in revoking proxies and read further about the merger's risks.

Ritchie Bros. held a successful Rocky Mountain Regional Event auction on March 8-9, 2023, selling over 5,100 items and generating more than US$52 million in gross transaction value. The auction attracted over 12,300 bidders from 45 countries, with 92% of buyers being from the U.S. Key sales included a Caterpillar D8R dozer sold for US$262,600 and a Peterbilt 567 dump truck for US$237,500. The company sold items for over 550 owners across Colorado, Utah, and North Dakota without minimum bids or reserves. Upcoming auctions include 6,400 items in Fort Worth, TX, from March 14-16 and 2,200+ items in Las Vegas, NV, on March 17.

On March 13, 2023, David E Ritchie and C Russell Cmolik, co-founders of Ritchie Bros, expressed serious concerns regarding the proposed merger with IAA, Inc. (NYSE: IAA). They argue the merger could undermine Ritchie Bros' corporate culture and customer focus, risking the company's legacy. The authors encourage shareholders to revoke their votes in favor of the merger ahead of the March 14, 2023, meeting, pointing to declining business conditions at IAA that could divert management's attention from Ritchie Bros' core operations. They stress the importance of preserving the company's employee and customer-centric approach rather than pursuing this merger.

Luxor Capital Group announced preliminary results indicating that approximately 46% of votes cast by Ritchie Bros. shareholders opposed the merger with IAA, totaling around 43 million shares. This outcome was highlighted during a special meeting held on March 14, 2023. Luxor expressed disappointment over the merger's rejection but acknowledged the engagement of Ritchie Bros. shareholders. They also thanked proxy advisory firms ISS and Glass Lewis for their evaluations. Luxor holds about 4.7 million shares in Ritchie Bros., representing approximately 4.2% of the company's outstanding shares.

Ritchie Bros. will participate in the CONEXPO-CON/AGG trade show in Las Vegas on March 17, 2023, presenting over 2,100 items in an unreserved auction, including 140+ excavators. The auction will be simulcast live from their Las Vegas site to their booth at the event, allowing participants to bid online. Ritchie Bros. aims to showcase its comprehensive asset management services and innovative tools for fleet owners. The firm will also host a seminar on the Future of Asset Management and Liquidation on March 14, highlighting its commitment to data-driven solutions and global buyer engagement.

Luxor Capital Group urges shareholders of Ritchie Bros. Auctioneers (NYSE: RBA) to vote against the proposed merger with IAA, Inc. (NYSE: IAA) by March 9, 2023. Representing about 4.2% of RBA's shares, Luxor highlights significant risks associated with the merger, particularly detrimental impacts on shareholder value and concerns raised by leading proxy advisory firms, ISS and Glass Lewis. Both firms emphasize that RBA's standalone potential outweighs the merger's perceived benefits, citing unexpected costs and integration challenges. The letter criticizes the management's credibility and decision-making regarding the merger, asserting that it could be value destructive.

Ritchie Bros. (NYSE: RBA) is urging shareholders to vote in favor of the proposed acquisition of IAA, Inc. (NYSE: IAA) at the upcoming Special Meeting on March 14, 2023. The board, along with proxy advisory firm Egan-Jones, endorses the transaction, highlighting potential EBITDA increases of $350 million to $900 million, translating to an estimated $76 per share in additional value. This acquisition will more than double Ritchie Bros.' gross transaction value, enabling enhanced customer offerings and deeper market penetration. Additionally, an anticipated cumulative free cash flow of $2.5 billion from 2023 to 2026 is projected, providing financial flexibility for future growth.

Ritchie Bros. Auctioneers has declared a special cash dividend of US$1.08 per share, with a record date of March 17, 2023. The payment is contingent upon the successful completion of its merger with IAA, Inc., expected around March 20, 2023. If the merger closes as anticipated, shareholders will receive the dividend on March 28, 2023. Notably, those who sell their shares before the merger's closing will forfeit the right to the dividend. The shares will trade with 'due bills' starting March 16, 2023.

Ritchie Bros held a successful three-day auction from March 1-3, 2023, in Edmonton, AB, attracting over 15,300 bidders from more than 40 countries. The event saw the sale of over 5,500 items, generating a gross transaction value exceeding CA$72 million (over US$52 million). Approximately 93% of the sales were to Canadian buyers, with 62% coming from Albertans. The auction included significant equipment like a 2013 ELRUS CH550 cone crushing plant, which sold for CA$770,000. The company plans to return to Edmonton for its largest Canadian auction on April 24-28, 2023.