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

Floods, drought a major risk to Canada's economy

The report, titled "Aquanomics," is being published today by GHD, a global engineering and architecture services firm. GHD's Canadian water lead Don Holland said there are lots of reports that count up insured losses and physical damage after major events like last fall's atmospheric river in British Columbia.

Floods, drought a major risk to Canada's economy

Cruise ship stuck in B.C. over tugboat strike

Celebrity Cruises says the Celebrity Eclipse, which had been due to depart Sunday afternoon, is unable to leave the Port of Vancouver without the tugs and staff are "working diligently" with local authorities to resolve the situation so the ship can sail.

Cruise ship stuck in B.C. over tugboat strike

Hiring spree helping with backlogs: ministers

Yet while cabinet ministers say the additional hires have started to make a difference, they acknowledge that far more work is needed when it comes to providing Canadians with the services they deserve. The comments came during an update on the work of the government's special task force to help tackle major delays with immigration applications and passport processing.

Hiring spree helping with backlogs: ministers

Vehicle ignites into flames on Highway 17, Highway 17 WestBound closure in effect

A semi truck was travelling westbound on Highway 17 when the driver smelled smoke. After the driver pulled over, the vehicle ignited into flames. The subsequent fire resulted in the vehicle sustaining major damage.

Vehicle ignites into flames on Highway 17, Highway 17 WestBound closure in effect

Pedestrian in hospital after a serious collision in Newton on Sunday

On August 28th, just before 7:30 p.m., Surrey RCMP received a reported that a pedestrian, who had been crossing the street in a marked crosswalk, had been struck by a vehicle in the 7500-block of 140 Street.

Pedestrian in hospital after a serious collision in Newton on Sunday

Man dies hours after shooting in Surrey home

IHIT has identified the victim as Troy Michael Regnier, in hopes of furthering their investigation. Surrey RCMP arrested three suspects at the scene, who were believed to have been known to the victim, though at this time no charges have been laid.