VANCOUVER — Ritchie Bros. Auctioneers Inc. is altering the phrases of its proposal to purchase IAA Inc. to extend the proportion of money provided however trim the general worth of the bid.

The Vancouver-based firm additionally says it plans to pay a particular one-time dividend of US$1.08 per share to its personal shareholders, contingent on the deal closing.

Ritchie Bros. is now providing US$12.80 per share in money and 0.5252 of a Ritchie Bros. share for every IAA share, making the supply value about US$44.40 per share based mostly on the corporate’s share worth Friday.

In its authentic proposal, the corporate had provided US$10 in money and 0.5804 of a Ritchie Bros. share for every IAA share, making the supply value US$44.92 per share.

The amended deal, which has been permitted by the boards of each firms, nonetheless requires approval by the shareholders of Ritchie Bros. and IAA.

Ritchie Bros. additionally stated that Starboard Worth LP has agreed to make a US$500-million funding within the firm together with US$485 million in convertible most well-liked fairness and a $15-million widespread share funding.