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

Where provinces, territories stand on fourth doses

Canada's provinces are taking differing approaches to rolling out fourth doses of COVID-19 vaccines. Some are offering the second boosters to all adults in response to the highly contagious BA.4 and BA.5 subvariants of Omicron, while others are keeping access limited for now with an eye to the fall.

Where provinces, territories stand on fourth doses

Ottawa wants results from health spending: PM

Several premiers, including Ontario's Doug Ford and B.C.'s John Horgan, expressed frustration at the end of their meetings that federal ministers had discussed the health funding issues with the media without sitting down with them.

Ottawa wants results from health spending: PM

Adults sharing personal information through dating sites results in fraudsters sending videos to victims threatening to kill their family

Three of these reports involved the fraudsters sending videos that appear to show them driving to the victim’s residence with AR-15 style rifles while threatening to kill the victim and their family after the victim shared their home addresses online. The fraudsters follow up by sending the victims graphic photographs of dead bodies while continuing to demand money.

Adults sharing personal information through dating sites results in fraudsters sending videos to victims threatening to kill their family

3 people victim of armed robbery and assault in New Westminster

Police were called to the scene after a group of three people were approached by two people with firearms. One suspect pointed a firearm at one of the victims and struck him in the face before taking the victim’s bag.

3 people victim of armed robbery and assault in New Westminster

Rogers' five-day refund not enough: legal expert

Rogers Communications Inc.'s move to credit its customers with the equivalent of five days of service following the massive outage that crippled its network last week is "wholly inadequate," a legal expert said. Payments could not occur, sales were missed, meetings were missed, work could not be done, and businesses could not operate fully, so damages would be broader than that, Leblanc explained.

Rogers' five-day refund not enough: legal expert

Bank of Canada hikes rate to 2.5%, biggest jump since 1998

Our goal is to get inflation back to its 2% target with a soft landing for the economy. To accomplish that, we are increasing our policy interest rate quickly to prevent high inflation from becoming entrenched. If it does, it will be more painful for the economy—and for Canadians—to get inflation back down.