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☆ Check out the massive machines that were up for sale at a 'heavy equipment auction' in Canada this week
▼ + stars: | 2023-05-13 | by ( Will Gendron | ) www.businessinsider.com time to read: +1 min

Ritchie Bros. Auctioneers, a marketplace for heavy machinery, held an auction in Ontario this week. Bidding took place online, but customers were able to inspect the equipment in person. Ritchie Bros. Auctioneers is a marketplace that facilitates the buying and selling of heavy machinery used in construction, mining, forestry, and other industries. This heavy machinery can fetch hefty prices: Each year, the company sells billions of dollars worth of equipment and trucks, according to its website. Here are 10 pieces of heavy equipment that were sold at this week's auction:While the auction items were sold in CAD, the prices below are all in USD.

☆ Qing dynasty jars bought for $25 at thrift store fetch over $74,000
▼ + stars: | 2023-05-12 | by ( Hafsa Khalil | ) edition.cnn.com time to read: +3 min

London CNN —A pair of jars purchased as part of a batch of ceramics from a London thrift store for £20 ($25) sold for almost 3,000 times that after they were found to date back to the Qing dynasty. They saw the items in a thrift store last year and just “had to acquire them,” without even knowing their value. “I think anyone who is in the presence of imperial Chinese porcelain, regardless of their experience, will feel drawn to them on some level,” Forrest said. But he added that Chinese porcelain is a very specialized field and, given the donations charities receive, charity workers can be forgiven for overlooking them. However, he said the seller would donate a “significant portion” of the profits to the charity that owned the thrift store, although no exact sum has been given.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Jordan's 'Last Dance' sneakers sell for record $2.2 mln
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - A pair of signed, game-worn Michael Jordan sneakers from the 1998 NBA Finals fetched a record $2.2 million on Tuesday, making them the most valuable sneakers ever sold, auction house Sotheby's said. He went on to win his sixth and final NBA Championship and was named the Finals MVP. Sotheby's said Jordan gifted the sneakers to a Jazz ball boy after the game as thanks for finding a lost jacket. They were the final pair of Breds that Jordan wore in a game. The previous record for a pair of sneakers was held by a pair of Kanye West's Nike Air Yeezy 1s, which Sotheby's sold for $1.8 million in 2021.

☆ Woods' ball from 1997 Masters sells for $64,000
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

April 10 (Reuters) - A golf ball Tiger Woods gave to a young fan during the final round of his victorious 1997 Masters tournament has sold for $64,124, auction house Golden Age Auctions said on Sunday. Woods bogeyed the fifth hole and handed the ball to Julian Nexsen, who was nine-years-old at the tie. According to the auctioneers, "dozens of people" witnessed the moment Woods handed the ball to Nexsen. Nexsen has signed a legal declaration certifying the authenticity of the golf ball and the story of his final round interaction with Woods. In November last year a signed Woods ball sold for a record $186,000, Heritage Auctions said.

☆ Dusty painting hidden behind door turns out to be Brueghel 'masterpiece'
▼ + stars: | 2023-03-27 | by ( Yiming Woo | ) www.reuters.com time to read: +2 min

[1/3] A man looks at the painting "Le paiement de la dime" (The Payment of the Yearly Dues) by the artist Pieter Brueghel the Younger (1564-1636) before its auction at Drouot auction house in Paris, France, March 27, 2023. REUTERS/Gonzalo FuentesPARIS, March 27 (Reuters) - A rediscovered painting of Flemish 17th-century painter Pieter Brueghel the Younger, for years hidden in a family house, will be presented for auction in Paris on Tuesday and is expected to fetch 600,000 ($647,340.00) to 800,000 euros. "I found this painting [in the house], behind a door in the television room," de Lussac told Reuters, calling it one of the biggest surprises in his career. Brueghel the Younger, whose father Brueghel the Elder died when he was only five, didn't use one of his father's compositions for this painting as he usually did but did revisit the popular theme of the village lawyer. ($1 = 0.9269 euros)Reporting by Yiming Woo, writing by Charlotte Van Campenhout, editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Shareholders of Canada's Ritchie Bros support deal with IAA
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday its shareholders voted in favor of its $7 billion acquisition of U.S. auto retailer IAA Inc (IAA.N), according to a preliminary tally. IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros for each share of IAA common stock they own. Upon completion of the deal, IAA stockholders will own 37.2% of the combined company and Ritchie Bros shareholders the remaining 62.8%. For Ritchie Bros, which auctions and sells used heavy industrial equipment, the acquisition is intended to diversify its customer base, giving it a bigger footprint in vehicle re-marketing, and help cut costs. On Tuesday, shares of IAA were up 1.8% at $40.9, while U.S.-listed stock of Ritchie Bros was up 0.7% at $54.8.

☆ Ritchie founder perfects disappointed dad routine
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

The company stretching for its acquisition has done something worse: It disappointed dad. Ritchie investors are expected to approve the fiercely contested deal on Tuesday, a surprising outcome, especially to company co-founder David Ritchie. The pair didn’t speak out before because they assumed, given the weight of opposition to the deal, it was dead. If she succeeds, shareholders better hope her optimistic deal math holds up. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ TSX dragged lower by weakness in energy stocks, miners
▼ + stars: | 2023-03-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (15:23 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 147.61 points, or 0.72%, at 20,367.19. Energy shares (.SPTTEN) fell 0.7% and materials (.GSPTTMT) shed 2%, tracking commodity prices lower, after China's weak trade data followed its modest annual growth target on Monday. Although the TSX waded through losses during a volatile February, the bourse is eyeing gains of 6% for the current quarter. The tech sector (.SPTTTK) slipped 0.7, dragged down by an 11.6% drop in BlackBerry Inc (BB.TO) after the software firm's lower-than-expected annual sales forecast. Reporting by Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Ritchie to pay special dividend to investors who back $7-bln IAA deal
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday it would pay a special dividend of $1.08 per share to its investors if they back its $7-billion deal for U.S. auto retailer IAA Inc (IAA.N). However, Ritchie's shareholders including Luxor Capital Group, Eminence Capital, Deep Field Asset Management and Janus Henderson Investors have opposed the deal. The latest move by Ritchie comes after proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended that shareholders reject the deal, citing potential risks. read moreThe dividend will be paid subject to receipt of required shareholder approvals of the merger, Ritchie said adding that IAA shareholders will not be entitled to receive it. Reporting by Aishwarya Nair in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Proxy advisors urge shareholders to reject Ritchie Bros bid for IAA
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Shareholders vote on March 14 on whether to approve the proposed deal. Ritchie Bros. said it "strongly disagree(s)" with the recommendations and urged shareholders to vote for the deal. The Ritchie Bros stock price climbed more than 5% in the first minutes of trading on Monday. The statement also said that Ritchie Bros. is committed to act in the best interest of all Ritchie Bros shareholders and build long-term value and drive superior shareholder returns. But a number of investors on both sides are pushing back on the deal, arguing it would distract Ritchie Bros from its core business and that it favors IAA shareholders without offering enough upside for RBA investors.

☆ Commodity stocks weigh on TSX; Ritchie Brothers rise
▼ + stars: | 2023-03-06 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Ritchie Brothers Auctioneers Inc's shares (RBA.TO) rose 3.1% as two leading proxy advisory firms recommended that shareholders vote against the asset management firm's planned takeover of U.S. auto retailer IAA Inc (IAA.N). ET (15:12 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 20.46 points, or 0.08%, at 20,602.04. The energy sector (.SPTTEN) and miners (.GSPTTMT) fell 0.9% each, tracking declines in commodity prices after China over the weekend set a lower-than-expected gross domestic product target of 5%. "The commodity stocks are weighing on the index because China is forecasting growth for the upcoming year not as high or as we would have anticipated," said Allan Small, senior investment advisor at Allan Small Financial Group. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Scrap-car deal battle is a heaping mess
▼ + stars: | 2023-02-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Investors owning 10% of Ritchie’s shares, as well as IAA shareholder Discerene, want it nixed. They are about where they were before the deal was announced, but only after crashing 20% upon its unveiling. Worse, because Ritchie shareholders will only own part of the combined company, they don’t get the benefit of all of those savings, unlike in an all-cash deal. IAA shareholder Discerene and Ritchie Bros investors Luxor Capital, Janus Henderson, Vontobel, Deep Field Asset Management and Eminence Capital have publicly announced their opposition to the deal. Starboard Value has agreed to invest $500 million in Ritchie Bros in support of the deal, while IAA shareholder Ancora is also in favor.

☆ Rise in Canadian shareholder activism faces test next month with new rules in place
▼ + stars: | 2023-02-12 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

The country has lagged the rising trend of activism seen globally, but that could be about to change, lawyers say. Some 53 Canadian companies faced activism campaigns in 2022, a 17.8% rise over the previous year, compared with a 10.6% rise in the U.S to 511, showed data from Insightia, a Diligent brand. Previously, shareholders could only vote 'for' a candidate or 'withhold' their vote, meaning a majority was not legally a necessity. While not enshrined in law, majority voting was often adopted by companies in their policy, prior to the change. And oil and mining companies could continue to be the sector that faces activism, say market participants.

☆ Newell Brands Slashes Profit Targets, Changes CEOs
▼ + stars: | 2023-02-10 | by ( Sharon Terlep | ) www.wsj.com time to read: 1 min

Newell, which makes Elmer’s glue and other household products, has struggled since closing a $15 billion acquisition in 2016. Newell Brands Inc. said it was changing chief executives and slashed its financial forecasts for the year, as the maker of kitchen gadgets and school supplies prepares for potential economic downturn. Ravi Saligram , who took over as CEO in October 2019, will retire effective May 16 and hand over the top job to one of his deputies, President Chris Peterson . Mr. Saligram, a former CEO of OfficeMax and Ritchie Bros. Auctioneers Inc., has overseen a restructuring at the company.

☆ Jeff Smith makes for a substitute Warren Buffett
▼ + stars: | 2023-01-30 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

With markets sagging and deals drawing opposition, such imprimaturs have a value - and at Ritchie Bros Auctioneers (RBA.TO), it’s the turn of Starboard Value’s Jeffrey Smith to play rescuer. Heavy equipment auctioneer Ritchie Bros ran into both problems in its $7 billion bid to buy salvage-car portal IAA (IAA.N). Announced in November, it quickly drew opposition from IAA shareholder Ancora and Ritchie investor Luxor Capital. Shareholder opposition is expected in market turmoil. As part of the deal, Starboard Value agreed to invest $500 million in Ritchie Bros, with fund boss Jeffrey Smith taking a seat on Ritchie’s board if the IAA deal succeeds.

Still, hedge funds piled into Shaw, betting the deal would go ahead. But now, together, the 12 hedge fund firms have made hundreds of millions over the nearly two-year period between Mar. POPULAR TRADEThe 12 hedge fund firms together owned 7.05% of Shaw's shares, or 33.6 million shares, according to Refinitiv Eikon data. Millennium, for example, is a multi-strategy firm - meaning it operates different hedge fund strategies. If the competition bureau had prevailed, analysts had predicted Shaw shares would have dropped to the pre-bid level of C$23, pointing to steep losses for the hedge funds.

The Justice Department is seeking the breakup of Google’s business brokering digital advertising across much of the internet, a major expansion of the legal challenges the company faces to its business in the U.S. and abroad. A lawsuit filed Tuesday, the Justice Department’s second against the Alphabet Inc. unit following one filed in 2020, alleges that Google abuses its role as one of the largest brokers, suppliers and online auctioneers of ads placed on websites and mobile applications. The filing promises a protracted court battle with wide-ranging implications for the digital-advertising industry.

☆ Ritchie Bros. Recuts Deal for IAA With Starboard Backing, Wins Ancora Support
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Canada’s Ritchie Bros. Auctioneers Inc. agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA Inc. with the backing of activist investor Starboard Value LP, in a move that won over a major investor that had challenged the deal. Under the terms of the amended agreement, IAA stockholders would receive $12.80 in cash, up from $10, and 0.5252 Ritchie Bros. share for each IAA share, the companies announced Monday, confirming an earlier Wall Street Journal report. That implies a combined value to IAA stockholders of $44.40 based on Ritchie Bros.’ closing price of $60.17 on Friday. (Previously, the stock component was 0.5804.)

☆ Canada's Ritchie Bros raises cash payout under revised offer for IAA
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) on Monday sweetened the cash component of its buyout offer for IAA Inc (IAA.N) by 28%, valuing the U.S. auto retailer at $5.94 billion, and also secured the backing of a key IAA shareholder which had questioned the initial offer. IAA shares rose 4.9% in morning trade, while Ritchie Bros's Toronto-listed shares were up 3%. The improved offer comes at a time when many companies are reducing costs and initiating layoffs in face of a potential economic downturn. Under the revised offer, IAA stockholders would receive $12.80 in cash, up from $10 earlier, and 0.5252 Ritchie Bros. share for each IAA share, down from 0.5804. Ritchie made the initial offer in November, valuing the company at about $7.3 billion, including debt.

☆ Ritchie Bros. Sweetens Deal for IAA, With Starboard’s Jeff Smith Set to Join Board
▼ + stars: | 2023-01-23 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Ritchie Bros. agreed to add Starboard CEO Jeffrey Smith to its board as part of the agreement, executives at the firms said. Canada’s Ritchie Bros . Auctioneers Inc. agreed to amend the terms of its proposed acquisition of U.S. auto retailer IAA Inc., as activist investor Starboard Value LP plans to make a $500 million investment in Ritchie Bros. Under the terms of the amended agreement, IAA stockholders would receive $12.80 in cash, up from $10, and 0.5252 Ritchie Bros. share for each IAA share. That implies a combined value to IAA stockholders of $44.40 based on Ritchie Bros.’ closing price of $60.17 on Friday. (Previously, the stock component was 0.5804.)

☆ See insider the creepy nuclear bunker that has been sold at auction as a unique off-grid vacation home
▼ + stars: | 2022-12-10 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

A Cold-War era nuclear bunker built in 1959 has sold at auction in Lincolnshire, England. The bunker was built as part of a civil defense group's nuclear plan and is accessible via a 14-foot ladder. The bunker went on sale with SDL Property Auctions and sold for £31,000, or about $38,092, according to the auctioneers' website. SCL AuctionsThe bunker also comes with a caravan that can be used for an above-ground holiday home, but the buyer plans to replace it, Insider has been told. The former owner said he was selling the unique property because he had not visited it for years and added, "I'd like some cash to go on holiday."

☆ Self-portrait of artist who fled Nazis sells for 23 mln euros in Germany
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

The auctioneers, in Berlin, had estimated that 'Self-portrait in yellow-pink', painted in 1943, would attract bids of between 20 million and 30 million euros. After the Nazis branded his paintings "degenerate art", Beckmann and his wife, Mathilde, known as "Quappi", fled Germany in 1937. Eventually a private collection in Switzerland purchased the painting before entrusting it to Villa Grisebach. A spokesperson for Villa Grisebach said the successful bid was 20 million euros and the remainder of the price covered fees. In 2018, Villa Grisebach obtained the highest auction price to date for a painting in Germany when it sold Max Beckmann's 'The Egyptian' for 5.5 million euros.

☆ A historic house, listed as the 'most remote' property in England, is going on sale for around $11.9 million
▼ + stars: | 2022-11-19 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

A shooting lodge in the Lake District has been listed as the "most remote" property in England. Skiddaw House and its 3,000 acres of land are now on sale for $11.9 million, The Guardian reported. The property is not accessible by car, and the nearest village is around four miles away by foot. Skiddaw House is located in the middle of the Lake District National Park in northwest England. Mitchell's Land Agency does not list an exact price for the house on their website, but The Guardian said the price tag is in the region of £10 million ($11.9 million).

☆ Canada's Ritchie Bros to buy IAA in $7.3 bln deal
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

Nov 7 (Reuters) - Canadian equipment marketplace Ritchie Bros Auctioneers Inc (RBA.TO) said on Monday it would buy IAA Inc (IAA.N) in a cash-and-stock deal valued at about $7.3 billion including debt. The purchase price of $46.88 per share represents a premium of about 19% to the closing share price of IAA common stock on Nov. 4. Under the terms of the deal, IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie Bros common stock for each IAA share held, the companies said. Ritchie Bros stockholders will own about 59% of the combined company once the deal closes. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

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