An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
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.
Positive
Shareholder engagement was high, with significant participation in the voting process.
Luxor's campaign demonstrated effective communication with shareholders.
Negative
46% of votes cast against the merger could indicate shareholder dissent and lack of confidence in management's strategy.
Potential challenges in integrating IAA following the merger's rejection.
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.
