RB Global, Inc. - RBA STOCK NEWS

Ritchie Bros. (NYSE: RBA) has successfully acquired IAA, Inc., marking a significant milestone in its strategic expansion. Under the terms of the agreement, IAA shareholders will receive $12.80 per share and 0.5252 Ritchie Bros. shares for each IAA share owned. CEO Ann Fandozzi stated the merger will enhance growth and create sustainable shareholder value by transforming Ritchie Bros. into a premier digital marketplace. Shareholders will receive a special cash dividend of $1.08 per share, payable on March 28, 2023. Following the acquisition, IAA's stock will cease trading on the NYSE. The integration of IAA is expected to open new market opportunities.

On March 15, 2023, Ritchie Bros. Auctioneers (NYSE: RBA) announced the closure of a $1.35 billion senior notes offering. This includes $550 million in secured notes and $800 million in unsecured notes, which will mature in 2028 and 2031, respectively. The proceeds will primarily fund the cash portion of the merger with IAA, Inc., refinance existing debts, and provide a special dividend of $1.08 per share to shareholders. The offering facilitates Ritchie Bros.' strategic expansion and aims to enhance shareholder value while fulfilling obligations related to the merger.

Ancora Holdings Group, owning approximately 4% of IAA, Inc. (NYSE: IAA) and 0.5% of Ritchie Bros. Auctioneers (NYSE: RBA), has praised the approval of the merger between IAA and Ritchie Bros. The combination is expected to create a major player in the industry, enhancing long-term value for shareholders. Ancora's CEO Fredrick D. DiSanto and President James Chadwick expressed confidence in IAA's management team, led by Ann Fandozzi, and the addition of director designee Tim O'Day to the board, which is anticipated to bring significant expertise to the newly formed entity.

IAA, Inc. announces that its stockholders have approved the merger agreement with Ritchie Bros. Auctioneers, allowing for a stock and cash acquisition. The expected deal will see IAA stockholders receiving $12.80 per share and 0.5252 shares of Ritchie Bros. for each IAA share owned. Upon completion, IAA stockholders will hold about 37.2% of the combined entity while Ritchie Bros. stockholders will own approximately 62.8%. Both companies secured necessary approvals, marking a significant step forward in the merger process. J.P. Morgan Securities LLC is advising IAA on the transaction.

On March 14, 2023, Ritchie Bros. shareholders approved the acquisition of IAA, Inc., marking a significant step towards enhancing Ritchie Bros.' strategy of creating a premier global marketplace. CEO Ann Fandozzi expressed gratitude to shareholders for their support, highlighting the potential for value creation through this merger. The company emphasized its commitment to delivering strong returns for investors and leveraging the combined strengths of both organizations to improve customer success.

Ritchie Bros. (NYSE: RBA) has announced its acquisition of IAA, Inc. (NYSE: IAA), emphasizing the substantial growth achieved under its current management. The company asserts that IAA is a crucial step in their transformation into a digital marketplace, promising future profitability and shareholder value enhancement. This merger aims to expand Ritchie Bros.' capabilities and services, integrating IAA's strengths to create a robust global platform. The leadership is confident about this strategic direction, highlighting ongoing integration planning and strong customer support for the merger.

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.