Silk Logistics receives FIRB approval for acquisition
Key points
- DP World Australia receives no objection notification from FIRB
- FIRB Approval Condition Precedent is now satisfied
- Scheme implementation remains subject to shareholder and court approvals
Full summary
Silk Logistics Holdings Limited (ASX:SLH) has announced that DP World Australia Limited has received a no objection notification from the Foreign Investment Review Board (FIRB) in relation to the acquisition of 100% of Silk Logistics' shares under the proposed scheme of arrangement. This satisfies the FIRB Approval Condition Precedent, which was one of the key conditions for the implementation of the scheme. The scheme remains subject to certain other conditions precedent, including receipt of the requisite approvals from Silk Shareholders and from the Supreme Court of New South Wales. Silk now plans to approach the Court to seek orders for a new scheme meeting date, and will notify shareholders of any updates to the timetable as they become available. The company has provided contact details for shareholders seeking further information about the scheme.
Summary generated by a large language model. Please interpret with care.