On January 18, 2923, Luxor Capital Group, LP, holding 4.2% of Ritchie Bros. Auctioneers Incorporated (RBA) shares, announced its strong opposition against RBA’s proposed merger with IAA, Inc., calling it a "value-destructive error." Luxor released a detailed presentation urging RBA shareholders to vote against the merger, citing a flawed and manipulated process, misguided projections, and a lack of strategic rationale. Luxor criticized RBA’s board for not considering alternative financing options and for issuing a mispriced security to Starboard Value, leading to a potential $99-$154 million loss in shareholder value. Luxor highlighted RBA’s strong standalone potential, estimating the company’s value at $111 per share based on current performance. Legal advisors for the opposition included Okapi Partners and Shorecrest Group, who assisted Luxor in soliciting votes against the merger.