Overview of ARB Corporation's latest announcement

ARB Corporation Limited (ASX:ARB) has provided an update on the conditional agreement for its US based associate, ORW USA, Inc., to acquire the 4 Wheel Parts business from Hoonigan. The Asset Purchase Agreement (APA) is subject to court approval in conjunction with Hoonigan's court-supervised reorganisation in the United States.

Executive commentary on the acquisition progress

The Court's lack of competing offers and the absence of objections from the U.S. Trustee indicate positive progress for the acquisition of 4 Wheel Parts business. We are working closely with Hoonigan to address implementation questions from landlords and contract counterparties, and we anticipate a resolution in the near future. The upcoming Court sale hearing on 15 October 2024 (US time) is a significant milestone, and we are optimistic about the Court's approval of the proposed asset sale.

Summary of ARB Corporation's announcement and outlook

ARB Corporation's update highlights the advancement in the conditional agreement for ORW USA, Inc. to acquire the 4 Wheel Parts business from Hoonigan. The lack of competing offers and the absence of objections from the U.S. Trustee indicate a positive outlook for the acquisition process. The upcoming Court sale hearing on 15 October 2024 (US time) is expected to be a crucial step towards the approval of the proposed asset sale. ARB's confirmation of the Court's approval for the purchase of the Poison Spyder brand further underscores the company's strategic initiatives. The market can anticipate further information at ARB's Annual General Meeting on 17 October 2024.