ARB Corporation (ASX: ARB) shared an update regarding its US-based associate, ORW USA, Inc. ORW and their purchase of the 4 Wheel Parts (4WP) retail assets. The deal, outlined in the Asset Purchase Agreement (APA), involves purchasing 4WP from Hoonigan (formerly Wheel Pros, LLC) and requires approval from the United States Bankruptcy Court in Delaware, as part of Hoonigan's ongoing court-supervised reorganisation.
ARB confirmed that no competing offers were submitted before the objection deadline of 1 October 2024, and the U.S. Trustee has not objected to the sale process. The Court hearing for the sale is set for 15 October 2024, and ARB expects the transaction to be finalised shortly after approval. Additionally, ARB confirmed the successful purchase of the Poison Spyder brand for US$1 million, free of all liens and claims.ARB will share additional updates at its Annual General Meeting scheduled for 17 October 2024.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
