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

VPD social spending report not very useful: mayor

Mayor Ken Sim has joined criticism of a report commissioned by the Vancouver Police Department that concludes $5 billion a year is being spent on the city's "social safety net. The $142,000 report by Alberta-based HelpSeeker Technologies says the spending includes $1 million a day in the Downtown Eastside.

VPD social spending report not very useful: mayor

RED FM listeners raise over $600,000 for Guru Nanak Food Bank

The fundraiser radiothon started taking pledges from donors at 6:00 am and went on till 10:00 pm on Tuesday, Nov 8th, 2022. Thousands of people made their pledges over the phone, and hundreds walked into the RED FM studio to donate money.

RED FM listeners raise over $600,000 for Guru Nanak Food Bank

Pedestrian involved in a fatal collision with a transit bus: New Westminster Police investigate

Via release, Sergeant Justine Thom says “This is a tragic event and our thoughts are with the family of this individual, we have a large team of investigators working together to determine how this happened, but we are still in the early stages at this point.”

Pedestrian involved in a fatal collision with a transit bus: New Westminster Police investigate

Abbotsford Police investigating after man assaulted with a hammer

A statement from Abbotsford Police says "An unidentified man exited the rear of the female’s car and demanded belongings from the victim. During this time, the victim was attacked by the man, who struck the victim with a hammer."

Abbotsford Police investigating after man assaulted with a hammer

Crown can't prove former B.C. mayor lied: defence

In the videotaped statement shown in court, McCallum says he recognized Debi Johnstone as a campaigner for a group wanting to keep the RCMP in Surrey while he was planning to replace it with a municipal police force.

Crown can't prove former B.C. mayor lied: defence

Surrey RCMP is asking for the public’s help in locating missing woman, Traci Johal.

Traci Johal is described as a South Asian woman, 5’6”, 125 lbs., with shoulder-length dyed dark blonde hair. She was last seen wearing a white blouse, black or grey leggings, a black sweater and black running shoes. Her family and police are concerned about her well-being.