Both investors objected specifically to the terms activist investor Starboard Value LP received in exchange for a US$500-million capital injection that Ritchie Bros. used in part to increase the cash component of its offer to US$12.80 per share from US$10 previously.
“We already had misgivings about issuing Ritchie Brothers common equity to fund” part of the IAA transaction, Janus said in its letter. “However, we believe that the terms agreed to for the preferred equity are even more concerning.” Luxor, which has opposed the IAA deal since it was originally proposed in November, 2022, said in a Jan. 24 statement that the revised deal, which in addition to the larger cash component for IAA shareholders also included a US$1.08 one-time special dividend for Ritchie Bros. shareholders, was “overwhelmed by the extravagant terms offered to Starboard.”
“Copart has invested heavily in hard assets, including its real estate footprint, with more locations and larger yards, and a larger international presence,” Janus said in its letter. “This gives Copart a structural advantage over IAA that could take a great deal of investment to overcome ... [and] it is not the responsibility of Ritchie Brothers shareholders to rescue IAA from a competitively disadvantaged position.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Janus Henderson Investors joins Luxor in opposing Ritchie Bros’ planned acquisition of IAA‘We have significant misgivings about the strategic and financial rationale for this deal,’ two Janus Henderson portfolio managers and an analyst said in a letter to the Ritchie Bros Board of Directors
Source: globeandmail - 🏆 5. / 92 Read more »
Government, Opposition outline priorities as House of Commons returns MondayA new session at the House of Commons begins Monday, and both the government and the Opposition have identified their main concerns. Yet fordnation still has another 3 weeks to go before returning to Queens Park. I don't get how some people still believe 'he gets it done' when he barely shows up to Queens Park and even has long breaks between sittings at legislature. Look haw many work there maybe one hundred if not more but we still have poverty like never see before Now it becomes who can shovel it more. They all have PHDs piled higher and deeper. Maybe they could get to work on helping seniors instead of passing the buck and saying look what we did. Year after year it is the same BS.
Source: CP24 - 🏆 30. / 67 Read more »
Who do Canadians think was the greatest opposition leader never to become PM?Who do Canadians think was the greatest opposition leader never to become PM?, by EricGrenierTW EricGrenierTW Jack Layton neglected to tell the Canadian voters in his last election the true state of his health. I don't think he would have garnered so many votes if he had told them EricGrenierTW Worst thing that happened yrs ago. Harper lost and Jack died. EricGrenierTW Stanfield.
Source: natnewswatch - 🏆 58. / 59 Read more »
Indian opposition's 'unity march' ends in disputed KashmirIndia’s main opposition Congress party ended a five-month cross-country “unity march” in disputed Kashmir on Monday with hundreds of members of various opposition groups joining in a public rally in freezing temperatures.
Source: CP24 - 🏆 30. / 67 Read more »
N.L. opposition leader speaks out about cost of home heating fuel and impending carbon tax increase | SaltWireST. JOHN'S, N.L. — The leader of the province's opposition is speaking out about the high cost of home heating fuel in the province and the additional ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Review of oilsands cleanup funding program needs public input, says Alberta NDPEDMONTON — Alberta’s New Democrat Opposition says a government review of the program that’s supposed to ensure oilsands companies can clean up their mines was…
Source: OttawaCitizen - 🏆 21. / 68 Read more »