Believe it or not, a Christmas tree won't stay upright on its own. Instead, you need a stable Christmas tree stand that can accommodate the type and size of tree you have. We researched dozens of the best Christmas tree stands to help you find the right one for your needs, whether you have a real tree, an artificial tree, a small tree, or a behemoth. The stands in our guide have a track record of durability, performance, and easy setup. We also outline the size and type of tree each stand is meant for. Check out our guide to the best Christmas tree skirts once you've chosen the right stand for your tree. The best Christmas tree stands in 2022 Best Christmas tree stand overall: Krinner Tree Genie Christmas Tree Stand, available at Amazon, $82.79 The German-engineered Krinner Tree Genie Christmas Tree Stand is easy to set up in a couple of minutes and keeps trees up to 12 f...
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Ritchie Bros. shareholder rejects takeover bid for IAA over financing terms for the deal
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Vancouver-based Ritchie Bros. revised its roughly US$6-billion bid for Illinois-based auto salvage and parts auction company IAA this week after months of shareholder opposition to its original proposal.CODIE MCLACHLAN /The Canadian Press
Despite Ritchie Bros. Auctioneers Inc. sweetening its multibillion-dollar offer to buy IAA Inc., one of its major shareholders remains unpersuaded.
Vancouver-based Ritchie Bros. RBA-T revised its roughly US$6-billion bid for Illinois-based auto salvage and parts auction company IAA IAA-N this week after months of shareholder opposition to its original proposal. The new terms included a larger cash component and less stock, meaning existing Ritchie Bros. shareholders would face less dilution.
It also added a US$1.08 one-time special dividend for the heavy equipment seller’s own shareholders.
Despite those updates, Luxor Capital Group released a statement Tuesday evening saying the revised deal has “done little to change the financial terms for RBA shareholders.” New York-based Luxor, which owns roughly 3.6 per cent of Ritchie Bros. shares, has opposed the transaction since it was originally announced in November, arguing the company would be better off as a standalone entity.
Ritchie Bros. was able to increase the cash component of its offer – to US$12.80 per share from US$10 previously – in part by accepting a US$500-million capital injection from Starboard Value LP. The Starboard investment, which was announced at the same time as the revised IAA takeover bid, would see the activist investor buy US$485-million worth of Ritchie Bros. preferred shares for US$72 per share with a 5.5-per-cent dividend and another US$15-million of the company’s common shares at US$59.72 per share. Ritchie Bros. shares closed at US$58.74 on the New York Stock Exchange on Tuesday.
Luxor, in its statement Tuesday, said “the revised deal is overwhelmed by the extravagant terms offered to Starboard.”
No matter what happens to Ritchie Bros., Luxor said, “Starboard will significantly outperform common shareholders” and will receive a dividend that “materially exceeds common shareholders’ dividends.”
Luxor also filed a proxy statement last week, before the updated deal terms and the Starboard investment were announced, urging shareholders to reject the transaction. Shareholders are set to decide the fate of the proposal at a March 14 meeting.
Analysts, meanwhile, were quick to praise the revised offer.
“The update meaningfully raises confidence levels regarding the strategic rationale of (and potential upside from) the merger, and, relatedly, the probability of the deal closing,” Bank of Nova Scotia analyst Michael Doumet told clients early Tuesday.
Baird analyst Craig Kennison released a note Monday evening saying the revised deal was effectively “bringing a gun to a knife fight.”
“We believe backing from Starboard Value plus a few deal sweeteners will persuade influential shareholder advisory firms to recommend in favour of the deal.”
I recently watched “ the greatest film of all time ,” and the most boring one. In retrospect, the title alone should have been a sufficient warning: Jeanne Dielman, 23 Quai du Commerce, 1080 Bruxelles . Alas, I’m old enough to be a bit nostalgic about massive telephone address books. And massive it is. Clocking over 200 minutes, Chantal Akerman's 1975 dreary drama follows three days in the monotonous routine of Jeanne, a widow, a mother, and a prostitute. I watched Jeanne’s autopilot existence, until, staring at her back as she washes dishes, I decided to fast-forward a couple of minutes, only to discover she was still at it. And Jeanne is equally thorough when she’s busy baking, cleaning, folding laundry, or shining her son’s shoes. She speaks so scarcely and mechanically, that it’s impossible to detect any emotion or volition beyond her carefully controlled chores . Watching Jeanne Dielman is what the word “painstaking” was invented for. Chantal...
Stored procedures: like functions for your SQL. A stored procedure is a batch of SQL statements created and stored on a database. You can reuse a stored procedure over and over again. A stored procedure can accept parameters, run a query, and return results. Many users can call a stored procedure and different applications can call it with different parameter values. What Are the Benefits of Using Stored Procedures? Apart from allowing multiple users and applications to reuse it, a stored procedure has other benefits. It is easy to modify. You can change a stored procedure when necessary and these updates will be reflected for all users. Furthermore, you don’t need to redeploy your application when you modify the stored procedure. It reduces network traffic because the server only passes the procedure’s name over the network and not the entire query. It improves database security since users don’t have direct access to tables. To make...
Believe it or not, a Christmas tree won't stay upright on its own. Instead, you need a stable Christmas tree stand that can accommodate the type and size of tree you have. We researched dozens of the best Christmas tree stands to help you find the right one for your needs, whether you have a real tree, an artificial tree, a small tree, or a behemoth. The stands in our guide have a track record of durability, performance, and easy setup. We also outline the size and type of tree each stand is meant for. Check out our guide to the best Christmas tree skirts once you've chosen the right stand for your tree. The best Christmas tree stands in 2022 Best Christmas tree stand overall: Krinner Tree Genie Christmas Tree Stand, available at Amazon, $82.79 The German-engineered Krinner Tree Genie Christmas Tree Stand is easy to set up in a couple of minutes and keeps trees up to 12 f...
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