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Jan 25, 2023

Luxor Capital still opposed to Ritchie Bros. deal to buy IAA despite changes

It's not about liking the Ritchie Bros-IAA deal, but when a certain thesis has to play out: Analyst

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Investment firm Luxor Capital Group LP remains opposed to Ritchie Bros. Auctioneers Inc.'s deal to buy IAA Inc. despite changes to the agreement.

Luxor, which holds a 3.6 per cent stake in the auctioneer, says the revised deal does little for Ritchie Bros. shareholders. It is also critical of a US$500-million financing deal with Starboard Value LP that was announced alongside the changes.

Ritchie Bros. amended its proposal to buy IAA earlier this week to increase the proportion of cash offered and trim the overall value of the bid.

The Vancouver-based company is now offering US$12.80 per share in cash and 0.5252 of a Ritchie Bros. share for each IAA share. In its original proposal, the company had offered US$10 in cash and 0.5804 of a Ritchie Bros. share for each IAA share.

It also now plans to pay a special one-time dividend of US$1.08 per share to its own shareholders, contingent on the deal closing.

The amended deal, which has been approved by the boards of both companies, still requires approval by the shareholders of Ritchie Bros. and IAA.

This report by The Canadian Press was first published Jan. 25, 2023.