Ritchie CEO in showdown with Luxor

Ritchie CEO Ann Fandozzi said Luxor’s case was “factually incorrect and based on fundamentally flawed analysis”. — Reuters

NEW YORK: Ritchie Bros Auctioneers Inc’s chief executive officer takes aim at one of the company’s largest investors, saying Luxor Capital Group’s opposition to a planned acquisition is based on “aggressive forecasts” and faulty math.

Luxor has launched a proxy fight to stop Ritchie’s US$6bil (RM26.6bil) takeover of auto-salvage company IAA Inc. The investment firm filed materials last week that urged shareholders to vote against the deal, citing calculations that it says proved Ritchie was far more valuable as a standalone business.