Luxor Capital Issues Open Letter to Board of Ritchie Bros. on Ill-Advised Proposed Acquisition of IAA

Details Serious Concerns with Proposed IAA Merger, including the Undervaluation of RBA Shares, the Potential Erosion of RBA Business Quality, the Dilution of RBA Shareholders, and the Business Outlook of IAA

Believes that RBA Should Continue on as a Standalone Company and Focus on its Expansion into the $300bn Heavy Equipment Total Addressable Market

Intends to Vote against the Proposed IAA Merger at RBA's Upcoming Special Meeting

NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Luxor Group Capital, LP ("Luxor"), as the manager of funds owning 4.0mm shares of Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) ("RBA" or the "Company"), representing 3.6% of the Company's outstanding shares, today 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. (NYSE: IAA) (the "IAA Merger") 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.

The full text of the letter and supporting materials may be viewed at the following link: https://www.luxorcap.com/RBA.pdf

About Luxor Capital Group, LP:

Luxor Capital Group, LP is a multi-billion-dollar investment manager, which was founded in 2002 and is based in New York. It makes investments through its fundamental, long-term oriented investment process. The firm has an extensive history of investing in global marketplaces businesses.

Contacts:

Investor Contact
Douglas Friedman
Luxor Capital Group, LP
[email protected]

Media Contact
Douglas Snyder
Luxor Capital Group, LP
[email protected]