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

Vaccine mandate for travel under scrutiny

The extension of the measures was met with pushback from industry groups contending that the public health requirements could hamstring Canadian tourism during the important summer season.

Vaccine mandate for travel under scrutiny

B.C. politicians leave legislature until fall

The session also saw the legislature return to its pre-COVID-19 operations of face-to-face interactions after two years of virtual news conferences and hybrid sittings.

B.C. politicians leave legislature until fall

3 children hit as car jumps curb at UBC

A statement from the RCMP says it happened just after noon on Wednesday. The children, believed to be nine or 10-years old, were walking near the UBC Botanical Gardens when they were hit.

3 children hit as car jumps curb at UBC

Man arrested after Vancouver gas station attack

Vancouver police say it unfolded Wednesday at a gas station where a pedestrian was hit with a vehicle, then the driver got out of his car and chased several people while holding a knife and machete. A statement from police says the suspect reportedly punched a passerby before turning back to the pedestrian and stabbing him in the neck and back.

Man arrested after Vancouver gas station attack

Bank of Canada increases interest rate to 1.5 percent during inflation

The increase in global inflation is occurring as the global economy slows. The Russian invasion of Ukraine, China’s COVID-related lockdowns, and ongoing supply disruptions are all weighing on activity and boosting inflation.

Bank of Canada increases interest rate to 1.5 percent during inflation

Tim Hortons app violated privacy laws: watchdogs

In a report released Wednesday, privacy commissioners say people who downloaded the Tim Hortons app had their movements tracked and recorded every few minutes, even when the app was not open on their phones.