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

Search still on for residential school records

Without records documenting the genocide of Indigenous Peoples, special interlocutor Kimberly Murray said, "deniers will continue to deny" and future generations could be led to forget. Survivors of the residential institutions have a "right to know," Murray told a national gathering on unmarked burials in Vancouver on Tuesday.

Search still on for residential school records

Newborn baby among three killed in B.C. road crash

Clark says a 26-year-old man, a 25-year-old woman and an eight-day-old infant were killed in the passenger vehicle, while a two-year-old child survived and is expected to recover from their injuries. The only person in the pickup was treated for minor injuries at the scene.

Newborn baby among three killed in B.C. road crash

President of ICBC takes over at BC Ferries

The insurance corporation says in a news release that Nicolas Jimenez has been with them for almost 20 years. Board chair Catherine Holt says Jimenez has made many contributions during his tenure, including the “remarkable transformation” of the public auto insurer.

President of ICBC takes over at BC Ferries

$90M earmarked by B.C. for forest-dependent areas

The British Columbia government is promising up to $90 million over three years to support new industrial and manufacturing projects in communities hurt by the downturn in the forestry industry. Premier David Eby made the announcement in Prince George, where Canfor Pulp Products said last week it was closing the pulp line at its mill, eliminating 300 jobs by the end of the year.

$90M earmarked by B.C. for forest-dependent areas

Illegal gaming house dismantled in Richmond included over $14K in currency, gambling ledgers, and an automated Mahjong table

On December 1st, 2022, a search warrant was executed on a suspected gaming house inside of a residential home in the 6000 block of Skaha Crescent, Richmond. Investigators also learned that one of the caretakers of the house and one of the card dealers were non-Canadian citizens and subject to deportation.

Illegal gaming house dismantled in Richmond included over $14K in currency, gambling ledgers, and an automated Mahjong table

Vancouver Police investigate Downtown Eastside homicide

Officers were called to an SRO hotel near East Hastings and Carrall Street shortly before 7 a.m. today and discovered a man who was deceased. The victim has not been identified.