Luxor Comments on Preliminary Ritchie Bros Merger Vote

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Go back to Luxor Comments on Preliminary Ritchie Bros Merger Vote

Ritchie Bros. Auctioneers disagrees with founder on IAA deal as 'company has evolved'

March 13, 2023 1:51 PM EDT

Ritchie Bros. Auctioneers (NYSE: RBA) released a statement on Monday responding to a letter from its co-founder and former chairman David Ritchie and former President and Director Russell Cmolik, stating that the company is different now compared to the company that Mr. Ritchie co-founded.

The co-founder stated in a letter last week that he and Cmolik have "deep concerns" regarding RBA's acquisition of U.S. auto retailer IAA in a deal valued at roughly $7 billion.

"The impending merger with IAA risks negatively impacting the culture of the company and, with it, its... More