Australia's RPM Automotive falls after co acquires Direct Wholesale Tyres

Rpm Automotive

06/09/2021 06:03

** Shares of RPM Automotive  RPM.AX  fall as much as 6.7% to
A$0.4
    ** The Australian auto parts dealer acquires Direct
Wholesale Tyres to help add to its new distribution footprint in
Far North Queensland  urn:newsml:reuters.com:*:nFWN2Q50RD
    ** RPM to pay A$1.7 mln ($1.26 mln) for Direct Wholesale,
split 60% in cash and 40% in RPM ordinary shares
    ** Last month, RPM acquired Queensland-based auto repair
centres Carline Cairns & Carline Townsville and Revolution
Racegear  urn:newsml:reuters.com:*:nL4N2PB0OH
    ** Shares on track for worst day since Aug 20
    ** RPM stock down ~83% this year, as of last close
    
    ($1 = 1.3459 Australian dollars)

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))