National

Ritchie Bros. Auctioneers tweaks offer for IAA

Darpan News Desk The Canadian Press, 23 Jan, 2023 10:41 AM

VANCOUVER - Ritchie Bros. Auctioneers Inc. is changing the terms of its proposal to buy IAA Inc. to increase the proportion of cash offered but trim the overall value of the bid.

The Vancouver-based company also says it plans to pay a special one-time dividend of US$1.08 per share to its own shareholders, contingent on the deal closing.

Ritchie Bros. is now offering US$12.80 per share in cash and 0.5252 of a Ritchie Bros. share for each IAA share, making the offer worth about US$44.40 per share based on the company's share price Friday.

In its original proposal, the company had offered US$10 in cash and 0.5804 of a Ritchie Bros. share for each IAA share, making the offer worth US$44.92 per share.

The amended deal, which has been approved by the boards of both companies, still requires approval by the shareholders of Ritchie Bros. and IAA.

Ritchie Bros. also said that Starboard Value LP has agreed to make a US$500-million investment in the company including US$485 million in convertible preferred equity and a $15-million common share investment.

Prev Next

MORE National ARTICLES

Canada confirms 1,251 monkeypox cases

The health agency on Wednesday said that of the confirmed cases, 582 cases are from Ontario, 493 from Quebec, 137 from British Columbia, 31 from Alberta, 3 from Saskatchewan, 2 from the Yukon and 1 each from Nova Scotia, Manitoba and New Brunswick.

Canada confirms 1,251 monkeypox cases

International student rules need reset: RBC paper

According to a separate RBC Economics report, businesses posted almost 70 per cent more job openings in Canada as of June 2022, compared to pre-pandemic. But these firms were competing for 13 per cent fewer unemployed workers than were available in February 2020.

International student rules need reset: RBC paper

Health Canada approves Omicron shot

The new shots approved by Health Canada, called bivalent vaccines, are designed to recognize specific mutations in the spike protein of the Omicron BA.1 subvariant. Shipments of the vaccine are expected to arrive in the next few days, and there will be enough supply for all Canadians 18 and older to get a dose this fall and winter, officials said.

Health Canada approves Omicron shot

One man dies in Newtown after an altercation takes place, area blocked off

On Wednesday, at 1:50 p.m., Surrey RCMP responded to 14100-block of 61 Avenue after a report of an altercation between two men. Upon arrival police found an adult male in medical distress. Despite all attempts by first responders to save the man’s life, he succumbed to his injuries on scene.

One man dies in Newtown after an altercation takes place, area blocked off

Suspicious incident being investigated in New Westminster

The passenger is described as a South Asian male, 6’0’ tall, medium build, approximately 35 to 40 years old, with a trimmed beard, and wearing a black jacket. There was no description provided for the driver.

Suspicious incident being investigated in New Westminster

Chilliwack RCMP need the public's help in identifying three children involved in suspicious occurrence at Portage Park

The boys are described as approximately eight to ten years old. It is possible that they had a skateboard and a scooter and departed toward Menzies Street. The girl is approximately eight years old. the man involved in Friday’s incident at Portage Park is not believed to be related to a previous report of suspicious activity on Cedar Creek Drive.