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

One dead as tree topples across Vancouver road

A statement from police says it happened just after 5 p.m. Tuesday on Marine Way in southeast Vancouver. They say the victim was alone in a sedan when the tree toppled across all three westbound lanes, crushing the vehicle's passenger compartment.

One dead as tree topples across Vancouver road

Crews search water off Nanaimo, B.C., for man

Police say they were called Monday evening to a report that a woman had fallen overboard and a vessel from the Nanaimo Port Authority found her clinging to a rope tied to an anchored sailboat. But police say the man, who is believed to be the woman's 59-year-old partner, has not been seen.

Crews search water off Nanaimo, B.C., for man

Arrest made in the death of International Indian student Kartik Vasudev

The man arrested is 39 years old Richard Jonathan Edwin, who was also charged with another homicide last Saturday. He is described as a Black male who is about 5'6 to 5'7 feet tall with a medium build.

Arrest made in the death of International Indian student Kartik Vasudev

Feds signal change on skills training spending

The head of the Canadian Labour Congress expressed worries on Tuesday that labour groups could be left out of talks over a federal pledge to let workers access skills training programs before they become unemployed.

Feds signal change on skills training spending

Multi-home owners hold up to 41% of stock: StatCan

The data from the Canadian Housing Statistics Program, which includes both residential and recreational holdings, reveals multiple-property ownership accounted for 41 per cent of Nova Scotia's housing stock, 39 per cent of New Brunswick's, 31 per cent of Ontario's and 29 per cent of British Columbia's.

Multi-home owners hold up to 41% of stock: StatCan

B.C. coroner wants action on safer drug supply

Lisa Lapointe says urgent action is needed to decriminalize small amounts of drugs for personal use and to provide more people with a safer supply of substances that would replace the profit-driven illicit market.