FORT VALLEY, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (“Blue Bird” or the “Company”) (NASDAQ: BLBD)
(NASDAQ: BLBDW), formerly named Hennessy Capital Acquisition Corp.
(“HCAC”), announced today the extension of its previously announced
offer to exchange (the “Offer”) up to a maximum of 5,750,000 of its
outstanding warrants (the “Warrants”) for shares of Company common stock
(the “Shares”) at an exchange ratio of 0.1 of a Share for each Warrant
validly tendered and not withdrawn (approximately one Share for every
ten Warrants tendered). The Offer has been extended until 12:00
midnight, New York City time, at the end of the day on March 2, 2015,
unless further extended by the Company.
The Offer was previously scheduled to expire at 12:00 midnight, New York
City time, at the end of the day on February 26, 2015. As of February
23, 2015, 283,366 Warrants have been tendered and not withdrawn and the
last reported trading price of the Warrants was $0.75 per Warrant.
The terms and conditions of the Offer are set forth in the Amended and
Restated Offer to Exchange, dated January 21, 2015 (as it may be amended
or supplemented from time to time, the “Offer to Exchange”), the related
Amended and Restated Letter of Transmittal and other Offer materials
that were filed on January 22, 2015 with the U.S. Securities and
Exchange Commission (the “SEC”) and were distributed to Warrant holders.
The “Business Combination” referenced in the Offer to Exchange was
consummated on February 24, 2015, thereby satisfying one of the
conditions to the Offer. Except for the extension of the Offer and the
satisfaction of the “Business Combination” condition to the Offer
described in the Offer to Exchange and related materials, all of the
material terms and conditions of the Offer remain unchanged.
Important Information About the Warrant Exchange Offer
This press release is neither an offer to exchange nor a solicitation of
an offer to sell any Warrants. The offer to exchange and the
solicitation of offers to exchange are being made solely pursuant to the
Offer to Exchange, the related Amended and Restated Letter of
Transmittal and other Offer materials included as exhibits to the
Schedule TO amendment that Blue Bird (formerly named HCAC) filed on
January 22, 2015 with the SEC. The tender offer statement on Schedule TO
(including the Offer to Exchange, the related Amended and Restated
Letter of Transmittal and other Offer materials) contains important
information that should be read carefully and considered before any
decision is made with respect to the Offer. These materials were
distributed free of charge to all Warrant holders. In addition, these
materials (and all other materials filed by Blue Bird with the SEC) will
be available at no charge from the SEC through its website at www.sec.gov.
Warrant holders may also obtain free copies of the documents filed with
the SEC by Blue Bird by directing a request to the information agent at
Morrow & Co., LLC, 470 West Avenue, 3rd Floor, Stamford, CT 06902, or by
phone at (800) 662-5200 or email at [email protected].
Warrant holders are urged to read the Offer to Exchange and the other
relevant materials before making any investment decision with respect to
the Offer because they contain important information about the Offer.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in 1927 and
approximately 180,000 buses in operation today. Blue Bird’s longevity
and reputation in the school bus industry have made it an iconic
American brand. Blue Bird distinguishes itself from its principal
competitors by its singular focus on the design, engineering,
manufacture and sale of school buses and related parts. As the only
manufacturer of chassis and body production specifically designed for
school bus applications, Blue Bird is recognized as an industry leader
for school bus innovation, safety, product
quality/reliability/durability, operating costs and drivability. In
addition, Blue Bird is the market leader in alternative fuel
applications with its propane-powered and compressed natural gas-powered
school buses. Blue Bird manufactures school buses at two facilities in
Fort Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service and
after-market parts are distributed from Blue Bird’s parts distribution
center located in Delaware, Ohio.
Forward Looking Statements
This press release may include forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements relate
to expectations for future financial performance, business strategies or
expectations for our business. Specifically, forward-looking statements
may include statements relating to:
-
Inherent limitations of internal controls impacting financial
statements
-
Growth opportunities
-
Future profitability
-
Ability to expand market share
-
Customer demand for certain products
-
Economic conditions that could affect fuel costs, commodity costs,
industry size and financial conditions of our dealers and suppliers
-
Labor or other constraints on the Company’s ability to maintain a
competitive cost structure
-
Volatility in the tax base and other funding sources that support the
purchase of buses by our end customers
-
Lower or higher than anticipated market acceptance for our products
-
Ability to be successful in the Company’s appeal of the delisting
determination by the staff of the Listing Qualifications Department of
the NASDAQ Stock Market and to meet NASDAQ’s listing standards,
including having the requisite number of stockholders
-
Other statements preceded by, followed by or that include the words
“estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “seek,” “target” or similar expressions
These forward-looking statements are based on information available as
of the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not be
relied upon as representing our views as of any subsequent date, and we
do not undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made, whether
as a result of new information, future events or otherwise, except as
may be required under applicable securities laws. The factors described
above, as well as risk factors described in reports filed with the SEC
by HCAC or the continuing company (available at www.sec.gov),
could cause our actual results to differ materially from estimates or
expectations reflected in such forward-looking statements.
Blue Bird Corporation
Jeff Merten, 478-822-2496
Director,
Investor Relations & New Business Development
[email protected]
Source: Blue Bird Corporation