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RB Global, Inc. (NYSE: RBA, TSX: RBA) is a globally renowned asset management and disposition company established in 1958 and headquartered in Westchester, Illinois. Specializing in the buying and selling of used heavy equipment, trucks, and other assets, RB Global offers comprehensive end-to-end solutions across various sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry.
RB Global operates through multiple selling channels:
- Ritchie Bros. Auctioneers: The world's largest industrial auctioneer providing live auction events with online bidding.
- IronPlanet: An online marketplace featuring weekly auctions and offering IronClad Assurance® equipment condition certification.
- Marketplace-E: An online marketplace providing multiple price and timing options.
- Mascus: A leading European online equipment listing service.
- Ritchie Bros. Private Treaty: Offering privately negotiated sales.
Additionally, RB Global caters to specific sectors through GovPlanet, TruckPlanet, and Kruse Energy Auctioneers.
The company has expanded its reach by merging with IAA, a major global digital marketplace connecting vehicle buyers and sellers. Through this collaboration, RB Global continues to enhance its omnichannel marketplace, providing value-added insights, services, and transaction solutions for commercial assets and vehicles. RB Global serves customers in more than 170 countries through auction sites in 14 countries and a robust digital platform.
RB Global is known for its massive auction events, including the record-setting 2024 global auction in Orlando with over 16,500 items and generating over $258 million in gross transaction value (GTV). Another notable event was the Edmonton auction, which set a new Canadian record with nearly CAD $250 million in GTV.
Recent achievements include strategic market alliances such as the one with Lion Trans in Georgia and Baltic Auto Shipping in Lithuania, aimed at increasing market share and improving global customer experience. RB Global's portfolio also includes Rouse Services, SmartEquip, Xcira, and VeriTread, which provide asset management, data-driven intelligence, and live auction technology solutions.
As part of its financial performance, RB Global consistently delivers solid growth, with a notable reduction in leverage and strong quarterly earnings. The company declared a quarterly cash dividend of $0.27 per common share, reflecting its commitment to shareholders.
RB Global's dedication to innovation, strategic growth, and operational excellence makes it a significant player in the global marketplace for commercial assets and vehicles.
Luxor Capital Group urges shareholders of Ritchie Bros. Auctioneers (NYSE: RBA) to vote against the proposed merger with IAA, Inc. (NYSE: IAA) by
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.
Ritchie Bros. Auctioneers (NYSE: RBA) received strong support from its shareholders, including Vontobel Asset Management, which holds 2.15% of RBA shares, for its acquisition of IAA, Inc. (NYSE: IAA). This backing aligns with positive sentiment from industry analysts regarding the potential synergies and benefits of the merger. The stock price of Ritchie Bros. has risen since the acquisition announcement, showcasing market optimism. A Special Meeting is scheduled for March 14, 2023, where shareholders will vote on proposals related to the acquisition. Ritchie Bros. emphasizes a commitment to delivering shareholder value through effective integration and growth strategies.
Ritchie Bros. Auctioneers (NYSE: RBA) urges shareholders to vote 'FOR' the acquisition of IAA, Inc. (NYSE: IAA) at the upcoming Special Meeting on March 14, 2023. The company asserts that the merger could generate potential EBITDA of $350 million to $900 million, along with $14.3 billion in gross transaction value, effectively doubling its size. Significant cost savings and growth opportunities could yield up to $76 per share in additional value. Ritchie Bros. has garnered strong backing from major shareholders and industry analysts amidst opposition from Luxor Capital Group, which Ritchie claims misrepresents the acquisition's benefits.
Ritchie Bros. Auctioneers (NYSE: RBA) announced the pricing of a $550 million offering of 6.750% senior secured notes due March 15, 2028, and $800 million of 7.750% senior notes due March 15, 2031. The funds will support the cash consideration for the upcoming merger with IAA, Inc., refinance IAA's existing debt, and provide a special cash dividend of $1.08 per share to Ritchie Bros. shareholders. The offering's gross proceeds will be held in escrow until the merger closes on March 15, 2023, subject to customary conditions.
Luxor Capital Group, managing 4.7 million shares (4.2% of RBA), criticized Ritchie Bros. for its $485 million financing deal with Starboard Value LP, suggesting it benefits Starboard at shareholders' expense. Following a recent debt raise, RBA attracted over $9 billion in demand, pricing an $800 million unsecured bond at 375 basis points, far lower than the terms of the Starboard deal which would need to offer over 1,500 basis points to match par value. Luxor argues that this highlights the questionable rationale behind the financing, calling for RBA shareholders to vote NO on the proposed IAA merger.
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