Luxor Capital files proxy materials to oppose Ritchie Bros., IAA merger

Luxor Capital Group, LP , as the manager of funds owning 4.7 million shares of Ritchie Bros. Auctioneers Incorporated (RBA), representing approximately 4.2% of the Company’s outstanding shares, announced they have filed their definitive proxy statement with the U.S. Securities and Exchange Commission and sent a letter to the company’s shareholders highlighting significant concerns with the proposed merger with IAA, Inc (IAA). Douglas Snyder, President of Luxor, commented: "As the RBA management team continues its attempts to push through this self-serving, ill-advised merger with IAA despite the negative market and shareholder reaction, we cannot sit idly by watching shareholder value destroyed. This deal demonstrates the Company’s reckless disregard for shareholders and causes us to further question whose interests are being protected."