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Ritchie Bros./Forke Transaction Receives Regulatory Approval
Ritchie Bros./Forke Transaction Receives Regulatory Approval
VANCOUVER, BRITISH COLUMBIA (March 5) BUSINESS WIRE -March 5, 1999--
Ritchie Bros.(NYSE:RBA) Ritchie Bros. Auctioneers Incorporated
(NYSE:RBA) and Forke Auctioneers, Inc. announce that they have received
regulatory approval with respect to Ritchie Bros.' pending acquisition
of Forke's industrial auction business.
On February 22, 1999, Ritchie Bros. announced that it had reached an
agreement to acquire the auction business of Forke, a major auctioneer
of industrial equipment headquartered in Lincoln, Nebraska. On March 3,
1999, the US Federal Trade Commission and the US Department of Justice
granted early termination of the statutory waiting period under the
Hart Scott Rodino pre-merger notification program for the proposed
transaction. The transaction is now expected to close by the end of
March 1999, subject to customary conditions.
Ritchie Bros. is the world's leading auctioneer of industrial
equipment, operating through over 50 locations in 14 countries in North
America, Europe, Asia, Australia and the Middle East. The Company
sells, through unreserved public auctions, a broad range of used
industrial equipment, including equipment utilized in the construction,
transportation, mining, forestry, petroleum and agricultural
industries. Ritchie Bros. is a public company; its common shares trade
on the New York Stock Exchange under the ticker symbol RBA. The
Company's website is located at www.rbauction.com.
Forke has been conducting industrial auctions since 1921 and pioneered
the industrial auction business in the United States. It operates
primarily in the United States.
Certain statements contained in this Press Release are forward-looking
statements (as defined in Section 21E of the Securities Exchange Act of
1934, as amended) that involve risks and uncertainties including, in
particular, statements relating to the expected closing date of the
transaction. The following important factors, among others, could
affect the Company's actual results and could cause such results to
differ materially from those expressed in the Company's forward-looking
statements: the results of due diligence investigations, the many
factors that impact on the supply of and demand for used equipment;
actions of competitors; adverse changes in economic conditions; and
other risks and uncertainties as detailed in the Company's Rule 424(b)
Prospectus dated March 9, 1998. Forward-looking statements should be
considered in light of these factors.
-0- jam/clv*
CONTACT: Ritchie Bros. Auctioneers Incorporated
Bob Armstrong, 604/273-7564 or 1-800/663-8457
Website: www.rbauction.com
Email: barmstrong@rbauction.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION TRANSPORTATION MERGERS/ACQ
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