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

Chief Superintendent Dave Chauhan officially begins his role as Officer-in-Charge of Richmond RCMP

Prior to assuming his role as Officer-in-Charge of Richmond RCMP, C/Supt. Chauhan was the acting Officer-in-Charge of the Lower Mainland Integrated Teams which included IHIT, the Integrated Emergency Response Team, Integrated Forensic Identification Service, Integrated Collision Analysis and Reconstruction Service, and the Integrated Police Dog Service.

Chief Superintendent Dave Chauhan officially begins his role as Officer-in-Charge of Richmond RCMP

Tory donations rise during leadership turmoil

Elections Canada’s latest reports show the Conservatives took in more than $5 million from 31,512 donors during the period in which former leader Erin O’Toole was ousted amid a major caucus revolt.

Tory donations rise during leadership turmoil

B.C. to announce prolific offender plan: minister

B.C.'s Urban Mayors' Caucus wrote to Eby last month, saying communities are facing critical issues connected to criminal activity by offenders who are routinely arrested but often released.

B.C. to announce prolific offender plan: minister

BC Corrections Officer, Bikramdeep Randhawa's murder confirmed case of mistaken identity: Delta Police

The Delta Police Department says investigators believe Bikramdeep Randhawa was shot because his killers thought he was part of the Lower Mainland gang conflict. Police also say they are confident they have identified the suspects involved in the murder.

BC Corrections Officer, Bikramdeep Randhawa's murder confirmed case of mistaken identity: Delta Police

Alert Ready system expands to flooding across B.C.

Alert Ready is a Canada-wide system that allows government officials to issue public safety alerts through major television and radio broadcasters, as well as compatible wireless devices.

Alert Ready system expands to flooding across B.C.

Lower OD deaths but drug users at risk: coroner

Lapointe says five people are dying every day and those who survive an overdose are often left with serious long-term health challenges so expanded access to a safer supply of alternative drugs would lessen those harms.