RB Global Ord Shs Stock Price, News & Analysis

Ritchie Bros. conducted its Premier Global Auction from February 20-24, 2023, in Orlando, FL, attracting over 22,600 bidders from 80+ countries. The auction resulted in the sale of more than 13,300 items, generating a gross transaction value exceeding US$244 million. Approximately 83% of the items were bought by U.S. buyers, with 18% purchased by Floridians. Key sold items included over 790 excavators and 500 truck tractors. The auction emphasized innovative technology, offering 360-view video inspections which were well-received by online participants. Ritchie Bros. continues to expand its reach in the global equipment auction market.

Ancora Holdings Group has issued a rebuttal against Luxor Capital Group, claiming that Luxor is conducting a "short and distort" campaign regarding the proposed combination of IAA, Inc. (NYSE: IAA) and Ritchie Bros. Auctioneers (NYSE: RBA). Ancora, which owns approximately 4% of IAA and 0.5% of RBA, emphasizes its support for the transaction, citing an amended proxy statement that discloses a Trade Incentive Agreement with a known short seller since December 2022. Ancora outlines five key reasons for voting in favor of the transaction, positioning it as transformative and value-adding for shareholders.

Ritchie Bros. Auctioneers has shared a letter ahead of its Special Meeting scheduled for March 14, 2023, where shareholders will vote on the proposed acquisition of IAA, Inc. The Board emphasizes that the transaction could increase share value by up to $76, significantly exceeding Ritchie Bros.' current stock price of $61.44 as of February 21, 2023. The company argues against Luxor Capital's objections, labeling them as misleading. The amended agreement not only enhances transaction terms by adding $115 million in value but also retains a 59.1% pro forma ownership for shareholders. Ritchie Bros. expects substantial EBITDA growth and cost savings from the IAA acquisition, stimulating further shareholder value.

Ritchie Bros. Auctioneers (NYSE: RBA) urges shareholders to vote in favor of its acquisition of IAA, Inc. (NYSE: IAA) at the upcoming Special Meeting on March 14, 2023. The deal could unlock up to $76 in incremental value per share, including $100 to $120 million in cost savings and $250 to $780 million in EBITDA growth opportunities. CEO Ann Fandozzi emphasizes the complementary nature of IAA's assets and the potential for significant financial benefits. Ritchie Bros. also counters criticisms from Luxor Capital Group, asserting that their analysis is flawed. Shareholders of record as of January 25, 2023, are eligible to vote.

Ritchie Bros. Auctioneers reported a record gross transaction value (GTV) of $6.0 billion for the full year 2022, marking a 9% year-over-year increase. The fourth quarter GTV rose 6% year-over-year to $1.5 billion. Total revenue also climbed 24% year-over-year to $443.9 million. Net income surged 110% for the year to $319.8 million, driven by a significant gain on property sales. Adjusted EBITDA increased by 21% to $465.2 million. The company anticipates positive impacts from the upcoming IAA acquisition.

On February 14-16, Ritchie Bros. held a successful auction in Houston, TX, attracting over 14,500 bidders for more than 6,500 items and generating a gross transaction value exceeding US$61 million. Approximately 87% of the equipment was sold to U.S. buyers, with 48% purchased by Texans. The auction featured a diverse range of assets, including transportation and construction equipment, all sold without minimum bids. Regional Sales Manager Chuck Roberson reported strong prices and high satisfaction among sellers, prompting interest in future events. Upcoming auctions include a Premier Global Auction in Orlando, FL, with over 13,000 items available.

Eminence Capital, a significant shareholder of Ritchie Bros Auctioneers (RBA), publicly announced its intention to vote against RBA's proposed $7.3 billion merger with IAA, Inc. Eminence highlights concerns over the transaction's strategic value, citing risks that outweigh potential benefits. They argue the merger lacks a strong logic due to limited synergies and significant differences between the companies. Additionally, they express skepticism about the deal’s ability to improve IAA’s competitive position and foresee a burden of risk for RBA shareholders. Since the announcement, RBA shares have underperformed the market by 8%, indicating investor apprehension.

Discerene Group LP, which holds approximately 3.6% of IAA's shares, announced its intention to vote against the revised sale of IAA to Ritchie Bros. Auctioneers (RBA). Discerene criticized RBA's revised offer of $44.40 per share as inadequate, claiming it's lower than previous offers and undervalues IAA’s strong financial prospects. The letter outlines concerns over IAA's flawed sale process, poor governance, and lack of strategic rationale behind the sale. Discerene believes IAA's independent growth potential is significant, particularly with an estimated EBITDA growth and market share gains expected over the coming years.

Ritchie Bros. has announced a Special Meeting of Shareholders on March 14, 2023, to vote on the acquisition of IAA, which is expected to create substantial value, potentially adding up to $76 per share. CEO Ann Fandozzi highlighted the support from key shareholders, including a $500 million investment from Starboard Value LP. The acquisition aims to accelerate Ritchie Bros.' transformation into a global marketplace and enhance growth opportunities. The integration of IAA's yard footprint is anticipated to lower costs and improve returns. The amended agreement with IAA reflects shareholder feedback, ensuring greater value for Ritchie Bros. shareholders.