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

Ongoing homicide investigation leads to arrest on Canada-wide warrant of Arjun Purewal

A Canada-wide warrant was issued for Purewal late last month after he removed the ankle monitor he was wearing while on bail. He was awaiting sentencing for his part in a 2021 kidnapping in Richmond when he was last seen in Coquitlam on Aug. 26.

Ongoing homicide investigation leads to arrest on Canada-wide warrant of Arjun Purewal

Study links long COVID and autoimmune disease

Some long COVID patients suffering symptoms including fatigue and shortness of breath are showing signs of autoimmune diseases like rheumatoid arthritis and lupus, suggests a Canadian study that builds on similar findings elsewhere.

Study links long COVID and autoimmune disease

Taxes on banks to raise billions: PBO

The documents calculated the expected revenues from the Canada Recovery Dividend and a proposed permanent increase to corporate taxes on banks and life insurance groups. The PBO said the dividend — a one-time 15 per cent windfall tax on banks and life insurers profits made during the pandemic — will generate $3 billion.

Taxes on banks to raise billions: PBO

B.C. report notes ways to curb prolific offenders

There are more than two dozen recommendations in their report aimed at the provincial prosecution service and the courts, saying it isn’t sustainable for police to continue to bear the main responsibility to manage prolific offenders. Public Safety Minister Mike Farnworth says the government will start with the return of a prolific offenders management program.

B.C. report notes ways to curb prolific offenders

Darpan's 10: Randeep Gill, MD

The Medical Advisory Committee was created to facilitate full representation across all the departments of the hospital, so that we can tap into the wisdom and expertise of all those voices. Essentially, we’re creating an advocacy group amongst the physicians practising in SMH.

Darpan's 10: Randeep Gill, MD

Stats Canada says Canada's homeownership rate fell in latest 2021 census release

The decline in homeownership rates between 2011 and 2021 was the largest for younger Canadians, with the rate falling to 36.5 from 44.1 for those between the ages of 25 and 29. Canadians between the ages of 30 and 34 experienced a similar but slightly smaller decline in homeownership, falling to 52.3 per cent from 59.2 per cent.