IAA - Ritchie Bros. holder Luxor Capital files preliminary proxy opposing IAA deal

• Ritchie Bros. ( NYSE: RBA ) holder Luxor Capital formally filed a preliminary proxy in opposition to the company's planned acquisition of auto salvage company IAA Inc. ( NYSE: IAA ).
• Luxor intends to vote against the proposal to approve the issuance of RBA ( RBA ) common shares in connection with the transaction and against the proposal to adjourn the special meeting, according to a statement.
• The proxy filing comes after Luxor, which has a ~3.6% stake in Ritchie Bros. ( RBA ), said it plans to vote against the purchase of IAA Inc. ( IAA ) as a deal would "severely erode RBA’s business quality and lacks compelling industrial logic."
• The Luxor opposition comes as Ritchie Bros. ( RBA ) shares plunged 18% on the day the $7.3 billion IAA deal was announced in November with some analysts questioning the transaction. Last month IAA holder Ancora Holdings said it planned to vote against the auto salvage company's sale to to Ritchie Bros.
• Last month Ritchie Bros ( RBA ) and IAA announced the companies had receive all necessary regulatory clearance for proposed merger.

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