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

Long wait-lists for elective surgeries persist

The new report shows hospitals and health systems have gotten better at weathering spikes of COVID-19 infection since the virus first struck the country in early 2020. But the number of surgeries performed still fluctuates with each pandemic wave, compounding backlogs every time.

Long wait-lists for elective surgeries persist

Ballistic missile defence on the table: Anand

Anand told a conference hosted by the Canadian Global Affairs Institute that the government is taking "a full and comprehensive look" at ballistic missile defence as part of a larger review of what is needed to better protect North America from attack.

Ballistic missile defence on the table: Anand

$229 million in aid for Syria, refugees: Sajjan

Canada is giving $229 million in aid for Syria and neighbouring nations hosting refugees from the war-torn state. The aid package includes $169 million for food, clean water and hygiene and health services, as well as support for women facing sexual and domestic violence.

$229 million in aid for Syria, refugees: Sajjan

Two found dead in Abbotsford, B.C., home

Two unnamed victims were found dead inside the home. The police statement says early indications suggest the deaths are not connected to the ongoing Lower Mainland gang conflict.

Two found dead in Abbotsford, B.C., home

Increasing cost of fuel leads to increase in fuel surcharge

Here is an example of what a 2.5 per cent fuel surcharge will be: .45 cents for an adult and $2.00 for a vehicle and driver on the Metro Vancouver – Vancouver Island routes, and .25 cents for an adult and $1.05 for a vehicle and driver on a variety of inter-island routes.

Increasing cost of fuel leads to increase in fuel surcharge

Crashed plane pilot reported to Transport Canada

Azam Azami, a flight instructor based in Chilliwack, B.C., says he flagged an online ad posted by Abhi Handa in a report to Transport Canada in December, more than four months before the same plane in the ad went down.