FORT VALLEY, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (Nasdaq: BLBD) (the “Company”), the leading
independent designer and manufacturer of school buses, announced that on
July 20, 2016, the special committee of its board of directors received
a non-binding proposal from American Securities LLC, pursuant to which
ASP BB Holdings LLC, an entity owned by affiliated funds managed by
American Securities (“ASP BB Holdings”), would acquire all of the
remaining equity of the Company that ASP BB Holdings does not currently
own, excluding Company common stock held by management as described in
the proposal letter. ASP BB Holdings currently owns 12,000,000 shares of
Company common stock. The American Securities proposal states that it is
based on a valuation of $12.80 to $13.10 per share of Company common
stock and that the terms of any definitive agreement with respect to the
transaction would include as a non-waivable condition to closing, the
approval of the merger agreement by a majority of the holders of Company
common stock unaffiliated with American Securities or the Company’s
executive management.
The special committee of independent directors will consider the
proposal and, if it deems advisable, solicit and consider any
alternative transactions involving the potential sale of the Company.
The special committee is comprised of Daniel J. Hennessy, Gurminder S.
Bedi and Alan H. Schumacher. In connection with its review of the
proposal, the special committee has engaged Evercore to act as its
financial advisor and has retained Sidley Austin LLP as its legal
counsel.
The Company cautions its shareholders and others considering trading in
its securities that the special committee has not had an opportunity to
carefully review and evaluate the proposal yet, nor has the special
committee made any decision with respect to the Company’s response to
the proposal. There can be no assurance that any definitive offer will
be made, that any agreement will be executed or that the transaction
contemplated in the proposal or any other transaction will be approved
or consummated. The Company does not undertake any obligation to provide
any updates with respect to this or any other transaction, except as
required under applicable law.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803006778/en/
Blue Bird Corporation
Mark Benfield, 478-822-2315
Investor
Relations & New Business Development
[email protected]
Source: Blue Bird Corporation