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

A woman and her 1 year old child assaulted by a man in Surrey

The man, who is unknown to both victims, allegedly uttered threats and then assaulted the mother and child. Bystanders held the man until police arrived and arrested him.

A woman and her 1 year old child assaulted by a man in Surrey

4 bodies found in Richmond home, IHIT investigating

Sgt. David Lee of the Integrated Homicide Investigation Team says the identities of the four people aren't yet being released. He says one of the deceased had a valid firearms licence and access to guns.

4 bodies found in Richmond home, IHIT investigating

2,086 COVID19 cases for Wednesday

There are 30,058 active cases of COVID-19 in the province, and 282,189 people who tested positive have recovered. Of the active cases, 949 COVID-positive individuals are in hospital and 136 are in intensive care. The remaining people are recovering at home in self-isolation.

2,086 COVID19 cases for Wednesday

1,446 COVID19 cases for Tuesday

There are 32,468 active cases of COVID-19 in the province, and 277,285 people who tested positive have recovered. Of the active cases, 985 COVID-positive individuals are in hospital and 144 are in intensive care. The remaining people are recovering at home in self-isolation.

1,446 COVID19 cases for Tuesday

4,997 COVID19 cases over 3 days

There are 31,822 active cases of COVID-19 in the province, and 276,529 people who tested positive have recovered. Of the active cases, 987 COVID-positive individuals are in hospital and 129 are in intensive care. The remaining people are recovering at home in self-isolation.

4,997 COVID19 cases over 3 days

2,364 COVID19 cases for Friday

There are 33,997 active cases of COVID-19 in the province, and 269,137 people who tested positive have recovered. Of the active cases, 924 COVID-positive individuals are in hospital and 130 are in intensive care. The remaining people are recovering at home in self-isolation.