RB Global, Inc. - RBA STOCK NEWS

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.

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.