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

Canada's military should be better equipped: Joly

Speaking at the University of Toronto's Munk School of Global Affairs and Public Policy, Joly said there are new challenges on the world stage after Russian President Vladimir Putin decided to start a war against Ukraine.

Canada's military should be better equipped: Joly

B.C. wildfire service to increase prevention work

B.C.'s budget released last month allocated $145 million over three years for Emergency Management BC and the BC Wildfire Service to kick-start the province's transition to a more "proactive approach" to wildfire preparedness and response.

B.C. wildfire service to increase prevention work

A man allegedly pushed a stranger down a flight of stairs at a downtown SkyTrain station

One of the suspects followed the victim to the SkyTrain entrance and pushed him down a flight of stairs. As the victim was laying on the ground, the suspect allegedly kicked the victim before a passersby intervened. The suspect fled the area before police arrived.

A man allegedly pushed a stranger down a flight of stairs at a downtown SkyTrain station

Poll suggests wide worries about inflation

Four-fifths of respondents to the Leger poll had started or planned to buy cheaper items at the grocery store to save on food bills, and cut back on how much food they throw out to stretch every dollar.

Poll suggests wide worries about inflation

Hate crimes up 37 per cent in 2020: StatCan

New data from Statistics Canada show the number of hate crimes reported to police across the country went up 37 per cent in the first year of the COVID-19 pandemic compared with the previous year. The agency says 2,669 hate crimes were reported in 2020 — the highest number since comparable data became available in 2009.

Hate crimes up 37 per cent in 2020: StatCan

NACI favours Pfizer over Moderna vaccine for kids

The National Advisory Committee on Immunization has released new guidelines that favour giving kids a Pfizer-BioNTech COVID-19 vaccine over the newly approved Moderna version. Health Canada approved Moderna's pediatric COVID-19 vaccine for kids ages six to 11 on Thursday.