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

Feds offer some settlement services to Ukrainians

So far about 60,000 Ukrainians and their families have applied to come to Canada under that program, and another 12,000 have come under traditional immigration streams since January.

Feds offer some settlement services to Ukrainians

RCMP's bias-free policing policy inadequate: CRCC

The Civilian Review and Complaints Commission's report released today also says national training related to unbiased policing is lacking. The watchdog says the policy should require recurring bias training.

RCMP's bias-free policing policy inadequate: CRCC

Foster mother granted escorted temporary absences

The Parole Board of Canada says in a written decision that it has granted Tammy Goforth supervised visits in the community for personal development purposes.

Foster mother granted escorted temporary absences

B.C. to end quarantine program for foreign workers

The ministry says the program for seasonal agriculture workers ends Thursday because of the easing of federal travel restrictions and high vaccination rates for incoming workers that allows them to go directly to their farms.

B.C. to end quarantine program for foreign workers

PBO says minimum sentence costs $98 million yearly

Budget officer Yves Giroux's report focuses on costs related to the three-year minimum sentence for possession of a prohibited firearm with ammunition, in force since 2008.

PBO says minimum sentence costs $98 million yearly

More RCMP to bolster Russia war crimes probe

Canada was one of several dozen countries to refer the Ukraine situation to the prosecutor's office of the court. Mendicino said Canada was sending the additional police resources at the request of the prosecutor's office.