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

Make work-hour pilot permanent: student advocates

The International Sikh Students Association has long been calling for this change, and launched a petition early this year to move that cap from 20 to 30 hours to up the quality of life for students. Jaspreet Singh, who founded the association, said the government's decision to temporarily lift the cap came as a surprise.

Make work-hour pilot permanent: student advocates

Victoria man reported missing in Spain found dead

A statement from Victoria police says 67-year-old Scott Graham was last seen in Madrid. The statement says his body has been located but it doesn't say where or when. He was suffering from a medical condition that had the potential to become life-threatening without medication and the alert in August said Graham's family was "deeply concerned" about his disappearance.

Victoria man reported missing in Spain found dead

Long weekend shooting results in victim driving himself to hospital

Initial indications are that it was a targeted incident. Although the motive of the shooting remains under investigation, the victim is known to police and has gang affiliations. At the time of the shooting the victim was driving a 2016 White Honda Civic and travelling northbound on Scott Road. The suspect vehicle is described as a dark sedan.

Long weekend shooting results in victim driving himself to hospital

No major issues after B.C.'s first fall windstorm

The first significant windstorm of British Columbia's unseasonably warm fall buffeted much of the province Monday, but only a few hundred customers remained without power less than 24 hours later. BC Hydro says heavy wind gusts affected the northern and central Interior, leaving some residents of Prince George, Smithers, Burns Lake and Fort Nelson in the dark overnight.

No major issues after B.C.'s first fall windstorm

Sentencing for Dutch harasser in Amanda Todd case

Aydin Coban, who is in his mid-40s, was convicted in August on charges of extortion, harassment, communication with a young person to commit a sexual offence and possession and distribution of child pornography.

Sentencing for Dutch harasser in Amanda Todd case

Surrey RCMP need the public's help in identifying 2 South Asian males who violated the justice system

On September 11, 2022, a Surrey RCMP officer was surrounded by a group of males in the parking lot of the Strawberry Hill business complex, after he served a violation ticket to one of the individuals. Earlier this week on October 4, 2022, a 22 year-old man was arrested for intimidation of the justice system participant and obstruction of a peace officer,.