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

Musk puts Twitter deal 'on hold', says still committed to acquisition

The micro-blogging platform had 229 million users in the first quarter. Musk has signed a $44 billion deal to take over Twitter, of which he will pay $21 billion from his own pocket while the rest will come as a loan from a consortium of banks.

Musk puts Twitter deal 'on hold', says still committed to acquisition

Unseasonal chill sets records in southern B.C.

Special weather statements covered mountain passes along the Coquihalla Highway and Highway 3, as flurries added to the two to 10 centimetres dumped earlier in the week.

Unseasonal chill sets records in southern B.C.

Police probing after abuse hurled at NDP's Singh

The federal NDP leader had dropped by the campaign office for Jen Deck, the Ontario NDP candidate for Peterborough-Kawartha in the provincial election, on Tuesday afternoon.

Police probing after abuse hurled at NDP's Singh

B.C. home sales move back to normal: association

The association has released the B.C. home sales figures for April, showing 8,939 properties changed hands last month, a decrease of 34.9 per cent from the record high set in April last year.

B.C. home sales move back to normal: association

Fatal flight was too heavy, Toronto-bound: Witness

The woman, who asked not to be identified because she was afraid for her safety, said she spoke with pilot Abhinav Handa at the Boundary Bay Airport in Delta, B.C., before his plane took off on the cross-country trip in late April.

Fatal flight was too heavy, Toronto-bound: Witness

Talks break off in Sea-to-Sky transit dispute

Talks on Wednesday between Unifor Local 114 and BC Transit contractor PW Transit were the first in weeks, prompting hopes of movement in the job action that began three-and-half months ago.