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

BC Premier John Horgan tests positive for COVID19

Horgan says his symptoms are mild and he is isolating and working from home. He recently underwent treatment of his throat cancer and was back in his office in January.

BC Premier John Horgan tests positive for COVID19

Woman sexually assaulted during the early morning hours in an Abbotsford parking lot

A woman was reported walking through a local business parking lot when she was approached by an unknown man driving a grey or silver van. During this encounter, the victim was sexually assaulted. The suspect male is described as South Asian, 30 years of age, with short brown hair and a beard.

Woman sexually assaulted during the early morning hours in an Abbotsford parking lot

Canadians becoming more divided: survey

The national phone survey by the Canadian Hub for Applied and Social Research at the University of Saskatchewan was done between March 7 and March 24. It asked 1,011 people about the issues that divide them the most.

Canadians becoming more divided: survey

Vancouver home sales up 27% since February: board

The B.C. board says last month's sales totalled 4,344, a 27 per cent increase from 3,424 homes sold in February 2022 and a 24 per cent decrease from the 5,708 sales recorded in March 2021.

Vancouver home sales up 27% since February: board

Parliamentary secretary’s statement on Sikh Heritage Month

“More than 100 years ago, the first gurdwara in our province opened its doors in Vancouver. Now British Columbia is home to one of the largest Sikh populations outside of India, and our province is honoured to dedicate this month to acknowledge and celebrate the rich culture and diversity the Sikh community brings."

Parliamentary secretary’s statement on Sikh Heritage Month

357 COVID19 cases for Friday

There are 274 individuals hospitalized with COVID-19 and 35 are in intensive care. In the past 24 hours, 4 new deaths have been reported, for an overall total of 3,002.