Huffy Corporation completed the auction of its snowboard and other action sports businesses on Friday, with the initial stalking horse bidders emerging as the winners in the sale.
The sale of the Lamer and LTD snowboard brands and related marks and patents to Lifestyle Brands Ltd., which was initially identified as Collective Brands Inc. in early filings with the court (SEW_0449), was approved for $2.6 million. A $2.625 million bid by ITOCHU International was designated as the back-up bid.
It appears that the competing bid met the criteria that it be at least $125,000 more than the initial bid, including a $75,000 break-up fee, but it appears that Huffy selected the Lifestyle.
Huffy received no competing bids to the $1.615 million bid by The Forzani Group (SEW_0448) for the Hespeler hockey brand and the Rage, Dukes, Skate Attack, and Ultra Wheels brands so no auction was held a the scheduled time.
The sales, which are a critical component to Huffy Corp.s move to focus on its bicycle and golf businesses, can now be completed.
