Luxor Group Capital, as the manager of funds owning 4.0mm shares of Ritchie Bros. Auctioneers Incorporated (RBA), representing 3.6% of the Company’s outstanding shares, announced that it has issued an open letter with supporting materials to the Company’s Board of Directors. In its letter, Luxor details its serious concerns with the proposed merger between RBA and IAA, Inc. (IAA) and expresses its opposition to the deal. As such, Luxor announced its intention to vote against the IAA Merger at the Company’s yet-to-be scheduled special meeting of shareholders.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on RBA:
- Ritchie Bros. CEO: We are like Ebay for large, industrial equipment
- Largest borrow rate increases among liquid names
- Ritchie Bros. upgraded to Outperform at Scotiabank after deal-driven pullback
- Ritchie Bros. upgraded to Outperform from Sector Perform at Scotiabank
- IAA holder Ancora says sale to Ritchie Bros. ‘seemingly flawed’