Ritchie Bros. Auctioneers Inc. RBACA:RBA and IAA Inc. IAA have agreed to revise the terms of their merger, with the overall value of Ritchie Bros.’s cash-and-stock bid falling by 5.3% to the equivalent of $44.40 from $46.88, according to a report in The Wall Street Journal. IAA shares gained 1.6% in premarket trading and Ritchie Bros. shares edged up 0.2%. The cash portion of the bid for the Illinois-based fellow auction services company was raised to $12.80 per share from $10.00 a share, while the equity portion was lowered to 0.5252 of Ritchie Bros. shares from 0.5804, the WSJ report said. The $44.40 per-share bid represents a 9.2% premium to Friday’s closing price of $40.65 and a 13.1% premium to the closing price on Nov. 4, which was the session before the buyout was originally announced. The new per-share bid would value IAA at $5.94 billion. IAA’s stock has climbed 12.2% over the past three months through Friday and Ritchie Bros. shares have lost 4.6%, while the S&P 500 SPX has gained 5.9%.
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