Ritchie Bros.’ Board Is Confident IAA Acquisition Delivers Value for Shareholders that is
Superior to that Achievable Under Ritchie Bros.’ Standalone Plan
Urges All Shareholders to Vote “FOR” All Proposals Listed on the WHITE Proxy Card Today
VANCOUVER, BC, March 6, 2023 /PRNewswire/ – Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSX:RBA) (“Ritchie Bros.”) today provided the following statement in response to reports issued by Glass Lewis & Co. (“Glass Lewis”) and Institutional Shareholder Services (“ISS”) in connection with the Company’s pending acquisition of IAA, Inc. (NYSE:IAA) (“IAA”):
The Ritchie Bros. Board of Directors and management team strongly disagree with the recommendations issued by Glass Lewis and ISS. We continue to urge Ritchie Bros.’ shareholders to follow the Board’s recommendation and vote “FOR” all proposals listed on the WHITE proxy card TODAY.
The IAA transaction is expected to unlock substantial additional value that neither Ritchie Bros. nor IAA could achieve on its own, and we are confident in our ability to realize it. Integration planning is well underway. We are ready to hit the ground running as soon as the transaction closes. Our experience in M&A and the automotive sector as well as our proven record of execution give us confidence that we can seamlessly bring the companies together.
The Ritchie Bros. Board and management team are committed to acting in the best interests of all Ritchie Bros.’ shareholders and to building long-term value and driving superior shareholder returns. We are confident that the IAA transaction represents the most compelling opportunity to position Ritchie Bros. for long-term success. The Ritchie Bros. management team has consistently delivered on its promises and driven substantial value for shareholders. We believe there is every reason for shareholders to support the Ritchie Bros. Board and management and to have confidence that we will continue to execute through the IAA acquisition. A vote “FOR” the IAA acquisition is a vote “FOR” the team and “FOR” the strategy that are delivering outstanding results for shareholders.
Ritchie Bros. shareholders are advised to discard any green proxy cards they receive from Luxor Capital Group LP.
