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IAA / Ritchie Bros Auctioneers deal to buy IAA bad for shareholders, says Luxor Group Capital

Ritchie Bros Auctioneers deal to buy IAA bad for shareholders, says Luxor Group Capital
Multi-billion-dollar investment manager Luxor Capital Group, LP has issued an open letter expressing serious concerns about the proposed merger between Ritchie Bros Auctioneers Incorporated and IAA, Inc.   Luxor Capital, which owns about 3.6% of Ritchie Bros' outstanding common shares, said it intends to vote against the merger at the company's yet-to-be scheduled special meeting of shareholders. In its letter, Luxor wrote that Ritchie Bros risks the permanent destruction of billions of dollars in shareholder value, as evidenced by the 18% drop in the company's closing share price following the announcement of the merger on November 7, 2022. Read More
Posted: Dec 16 2022, 11:03
Author Name: Proactive Investors
Views: 111097

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