ARB Corporation Ltd (ASX:ARB) is advancing its plan to acquire the 4 Wheel Parts business of Hoonigan in the United States, with legal developments showing no competing offers had been received, and US Trustee confirming it would not oppose the sale.
Hoonigans – formerly known as Wheel Bros LLC – is in the process of reorganising and working its way through the bankruptcy court system, and on September 16, requested court approval of its asset sale to ARB subsidiary ORW USA Inc.
The court did not receive any competing offers to this arrangement prior to the objection deadline of October 1, and this result was augmented by the U.S Trustee’s decision not to oppose the 4 Wheel Parts Sale process.
Through the arrangement between Hoonigans and ORW, the latter would also be assigned certain executory contracts and unexpired leases.
The next major stage in the process is the court sale hearing – scheduled for October 15 – at which ARB is anticipating approval of the proposed asset sale, with the transaction to be completed within days of such an announcement.
Currently, ORW and Hoonigan are in the process of addressing implementation questions from landlords and contract counterparties, with this also to be resolved shortly.
ARB will also be hosting its Annual General Meeting on October 17, with updates to be provided to investors then.
ARB shares moved up on the news, and at 10:32 AEDT, they were trading at $44.29 – a rise of 1.56% since the market opened.
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