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In a move to entice shareholders, Ritchie Bros Auctioneers said Tuesday that would pay a special dividend of $1.08 per share if they vote to approve the company's $7 billion acquisition of US auto retailer IAA Inc. The merger would give Ritchie an entry point into the heavy machinery and equipment market, along with salvaged cars, trucks and motorcycles. Shareholders of both companies are expected to vote on March 14, with the deal to close on March 20.
Ritchie Bros. Auctioneers Incorporated (NYSE:RBA ) Q4 2022 Earnings Conference Call February 21, 2023 5:00 PM ET Company Representatives Ann Fandozzi - Chief Executive Officer Eric Jacobs - Chief Financial Officer Sameer Rathod - Vice President of Investor Relations and Market Intelligence Conference Call Participants Michael Doumet - Scotiabank Michael Feniger - Bank of America Larry De Maria - William Blair Gary Prestopino - Barrington Research Bryan Fast - Raymond James Operator Good morning.
Does Ritchie Bros. (RBA) have what it takes to be a top stock pick for momentum investors?
It's hard not to notice the market hype around investment-grade corporates right now — at 5% yield, IG bond yields are the highest since the global financial crisis, with flows into IG corporate bond ETFs hitting a record in January. But in all that excitement, investors may be missing some key information.
Shares of Ritchie Bros. Auctioneers Incorporated fell nearly 20% in November as the company announced its intention to acquire IAA. I was really cautious on the deal as well.
Starboard Value may be positioning itself to assist management at the heavy equipment auctioneer.
Ritchie Bros. (RBA) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Cramer spoke with Ritchie Bros CEO Ann Fandozzi on Wednesday.
The heavy selling pressure might have exhausted for Ritchie Bros. (RBA) as it is technically in oversold territory now.
Investors disliked its latest acquisition.