Luxor makes last-ditch attempt to stop Ritchie Bros-IAA merger
14/03/2023 - 11:13am
Hedge fund Luxor Capital has made a last-ditch attempt to prevent the merger of auctioneer Ritchie Bros (RBA) with rival IAA Inc, by urging shareholders to oppose the proposed deal ahead of today's special meeting of RBA shareholders.
Despite the proxy deadline having passed, Luxor has highlighted that shareholders can still revoke their proxies cast in favour of the IAA Merger.
In statement, Doug Snyder, President of Luxor which holds a 4.2% stake in the business, said: "We call on all shareholders who voted in favour of this deal to heed the warnings of Ritchie Bros’s co-founder and former president [David E Ritchie\ and stop the IAA Merger.”