Luxor Responds To Letter From Ritchie Bros. Co-Founder And Former President & COO To Stop IAA Merger

$RBA

NEW YORK, March 13, 2023 – 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 responded to a letter released by David E Ritchie, RBA Co-Founder, Former Chairman and Director, and C Russell Cmolik, Former President, COO and Director, calling on RBA shareholders to defeat the proposed merger with IAA, Inc. (NYSE: IAA) (the “IAA Merger”), in connection with the March 14, 2023 special meeting of RBA shareholders.

“Luxor was gratified to read an unequivocal message from the individuals who created and built Ritchie Bros. that the IAA Merger must be stopped. Their comments are clear and their motivations unquestionable. They love the Company they built and believe the IAA Merger will cause permanent harm to Ritchie Bros.’s business.

Mr. Ritchie and Mr. Cmolik, writing as stewards of Ritchie Bros., have highlighted several aspects of the irreversible damage that the IAA Merger will cause the Company, including the real prospect of customer loss, the damage to the corporate culture, and a distraction for management from growing its core business. They are also concerned about long-term prospects of the auto salvage business. Mr. Ritchie and Mr. Cmolik believe these are concerns that should be shared by all long-term shareholders.

The vote on the merger is very close. Despite the proxy deadline having passed, shareholders can still revoke their proxies (i.e., cancel their votes) cast in favor of the IAA Merger. We call on all shareholders who voted in favor of this deal to heed the warnings of Ritchie Bros.’s co-founder and former president and stop the IAA Merger,” said Doug Snyder, President of Luxor.

Shareholders who voted FOR the transaction and may be having second thoughts about their vote have the ability to change the outcome of the vote by revoking your proxy and taking your vote out of the proxy count.

If you are holding your shares through a broker or financial institution, you must contact them and request that they submit a letter on your behalf demanding that your proxy be revoked from the meeting.  

If you require assistance in revoking your proxy, please call Okapi Partners toll free at 1-877-629-6356 or Shorecrest Group at 1-888-637-5789.

Source:

https://www.sec.gov/Archives/edgar/data/1046102/000110465923031697/tm239177d2_dfan14a.htm